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June 13, 2012 11:43 am

Iranian Oil Income Drops Sharply as US, EU Ramp Up Pressure

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U.S. Treasury Department building in Washington D.C. The Treasury has implemented sanctions aimed at cutting Iranian oil from world supplies. Photo: wiki commons.

Ynet – Tough financial measures imposed by Washington and Brussels have made it ever more difficult to pay for and ship oil from Iran. Its oil output has sunk to the lowest in 20 years, cutting revenue that is vital to fund a sprawling state apparatus.

Already down by more than a quarter, or about 600,000 barrels per day, from rates of 2.2 million bpd last year, shipments of crude oil from Iran are expected to drop further when a European Union oil embargo takes effect on July 1.

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