Iranian oil shipments to foreign customers increased in February 2013, a widely followed monthly report stated, despite a new regimen of American sanctions over Iran’s disputed nuclear program intended to further limit the country’s ability to sell petroleum, its most important export. The monthly report, by the International Energy Agency, a 28-nation group of oil-importing nations, said Iran’s exports rose to 1.28 million barrels a day, from 1.13 million barrels a day in January, suggesting that the impact of the new sanctions was either negligible or had not yet begun to be felt. Under an American sanctions law provision that took effect on Feb. 6, any country that buys Iranian oil must put the purchase money into a local bank account. Iran cannot repatriate the money and can only use it to buy goods within that country. Violators of the provision risk severe penalties in doing business with the United States.
By Rick Gladstone
Source: The New York Times