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High Oil Prices Cushion Iran from Sanctions
Juan Cole, OilPrice.com
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 Iran. While 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. . .
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 Iran. While 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. . .
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