Does the World Need Iran's Oil? Apparently Not

A section of the Maroun petrochemical plant at the Imam Khomeini port in southwestern Iran Photograph by Vahid Salemi/AP Photo

It’s been about a month since the full extent of the West’s oil sanctions against Iran went into effect. And so far, they seem to be working better than expected. Iran’s oil exports have fallen by about 1.4 million barrels per day, which “substantially exceeds” an earlier estimate of 900,000 barrels, according to an Aug. 9 report by Goldman Sachs energy analyst David Greely.

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