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Oil Sanctions on Iran

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posted on Oct, 31 2007 @ 07:28 AM
I was checking out this article from the Iran Press Service about the aforementioned. And right here is the most telling bit:

Iran holds 11% of the world’s oil reserves. Government revenue of oil is 70%. A great proportion of this national revenue is not invested to improve the cause of people, but is mainly set aside to finance the repressive organs and internal security services of the Mollahs’ regime. In short, oil income does not play an important role to improve national economy, rate of inflation, and unemployment increases while line of poverty sinks.

The EU remained cooperative with Iran after the Iranian revolution. The EU’s share of Iran’s total imports increased to 45%. EU trade with Iran has even expanded since Iran’s secret nuclear programme was exposed. The EU imports 40% Iran’s oil—the rest goes to Japan, China and other Asian countries.

According to Iran’s Oil Ministry, the country needs to import up to 15 million litres of gasoline a day for domestic consume. Before rationing was imposed, the domestic consume was estimated 75 million litres a day of gasoline, of which about 36 million was imported. Since June, consumption has dropped to a little more than 60 million litres day, Iranian officials have said. In the case of gasoline sanctions Iran’s domestic consummation can be hardly affected.

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