Iran Oil Exports Seen Rising by IEA Even as Sanctions Widen

[Purveyor]

By Isaac Arnsdorf - Mar 13, 2013 6:39 AM ET

Iranian oil shipments advanced 13 percent last month even as the U.S. implemented new sanctions against the Persian Gulf country, according to the International Energy Agency.

Imports from Iran rose to 1.28 million barrels a day in February from 1.13 million barrels in January, the Paris-based adviser to 28 oil-consuming nations said in a report today. U.S. rules took effect last month that require importers to pay in local currencies kept in escrow accounts, the agency said.

The U.S. and allies are restricting Iran’s oil exports, the country’s largest source of revenue, to pressure the government in Tehran to stop enriching uranium. Negotiators will meet in Kazakhstan next month to discuss steps toward an agreement on Iran’s nuclear program, which the country says is for civilian use while Western governments suspect a military intent.

“The only thing clear is that the current stalemate between Iran and the West is unsustainable,” the IEA said in the report. “Sooner or later, something has to give.”

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http://www.bloomberg.com/news/2013-03-13/iran-oil-exports-seen-rising-13-by-iea-even-as-sanctions-widen.html

[Buzz Clik]

1. Sanctions of a world-market product are meaningless unless the entire world participates.