BREAKING NEWS

US senators again seek to cut Iran's oil sales in half

WASHINGTON - Fresh US sanctions over Iran's disputed nuclear program being debated behind closed doors in the Senate aim to slash the country's oil sales in half within a year of the plan being signed into law, an influential senator said this week.
Robert Menendez, the chairman of the Senate Foreign Relations Committee, told a meeting of the American Israel Public Affairs Committee (AIPAC) in New York on Monday that a package of sanctions ready to move in his chamber has a goal of cutting Iran's current oil exports to no more than 500,000 barrels per day.
The reduction being sought is about 500,000 bpd less than a more severe bill passed by the House of Representatives in July, which aimed to slash exports to nearly zero.
The Senate bill, which has yet to be introduced by the banking committee, has been widely expected to be weaker than the House bill, which some analysts had said was not realistic.
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