U.S. policy to deny Iran oil revenue is an existential threat to the survival of the Islamic Republic. And Washington is doing it through a Reagan-like economic warfare toolbox.
Iran’s oil exports are down sharply since the beginning of August as big buyers like China and India curtail their purchases in anticipation of US sanctions. The Islamic Republic’s crude sales dropped by 600,000 barrels to 1.68 million barrels per day (b/d) in the first half of August, a 20% decrease from the same time in July. Exports are down a whopping 62% since May, when Iranian oil sales reached a record 2.7 million b/d.
