One critical piece in the Obama administration’s strategy to hinder Iran’s nuclear ambitions is to cut off the country’s funding supply, namely oil exports. More than half of the Iranian government’s revenue comes from oil exports, which make import reductions by key Iranian crude oil consumers such as Japan and India particularly devastating to the Iranian economy. July 1 looms large on the international community’s calendar, as it’s the day a full embargo of Iranian crude oil by the European Union is set to go into effect. While further reductions in Iranian oil exports serve the international community’s interest in hindering Iran’s nuclear ambitions, the lost Iranian oil must be replaced by another source.
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