Tough Western sanctions are forcing Iran to take drastic action and shut off wells at its vast oilfields, reducing production to levels last seen more than two decades ago and costing Tehran billions in lost revenues.
Iran struggled to sel
Iran's sanction pain is just beginning. Oil revenue in the Islamic Republic may have fallen by nearly one third, or $35 billion, on the back of a slowdown in exports and declining prices.
With US sanctions set to tighten and China'
Plans for fresh US sanctions to isolate Tehran have sent shudders among Asian governments who fear they will have no way to pay for Iranian crude imports and face rising costs to fuel the region's growing economies.
Top buyer China, me
Syrian forces killed one person and arrested dozens in raids on an eastern tribal region on Wednesday as part of a crackdown on dissent which could lead to European Union oil sanctions on Damascus as early as next week.
A force of more tha
Sanctions on Iran tighten their grip with European measures to make business with the Opec member even harder, but no-one expects its oil trade to cease as high profits and energy needs inspire ingenuity, said experts.
Following US sanctio