Four Asian countries are now purchasing nearly all of Iran’s oil exports according a report this week from theEconomist’s Intelligence Unit (EIU).
“Almost all of Iran’s oil exports now go to China, South Korea, Japan and India,” the report said even as it noted a sharp decline in the amount of oil each country purchased from Iran during 2012.
Iran’s oil exports have been cut in half as a result of US and EU sanctions that were enacted last year to pressure Tehran into making concessions on its nuclear program, which the West believes is aimed at acquiring a nuclear weapons capability but Iran claims is intended solely for peaceful purposes.
Oil exports make up 80 per cent of Iran’s total export earnings and 50 to 60 per cent of government revenue according to the EIU report.
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