High Oil Prices Cushion Iran From Sanctions

So far, high petroleum prices are helping Iran beat the new, ‘crippling’ US and EU sanctions. And, ironically, it is the Obama re-election campaign that is suffering most from the sanctions, not IranWhile Iran is producing about 500,000 barrels a day less today than was typical for it in recent years, the price has risen over 20% in recent months. As the Bernama article points out, if Iran made $250 million a day on petroleum exports of 2.5 million barrels a day at $100 a barrel (the Brent crude price of last fall), and if the exports…

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