With sanctions re-imposed on Iran’s oil exports last year and recently applied in part to its petrochemicals exports as well, the U.S. is now looking to roll out the next phase of its sanctions plan against the Islamic Republic. This is to gradually employ increasingly tight sanctions on Iran’s gas sector, whilst ensuring that Europe’s mechanism for enabling ongoing business with Iran does not succeed. These policies taken together are aimed at limiting Iran’s energy export revenues to no more than US$14 billion per year, a senior energy source who works closely with Iran’s Petroleum Ministry told OilPrice.com last week. “This is the level of revenue targeted by the U.S. as being required to catalyse a popular uprising to remove the current regime in Tehran but not to cause an outright humanitarian disaster,” he added. As it stands, Iran’s finances are understandably deteriorating fast. With around 40 percent of […]