16 Oct '11, 2am

OPEC, Iran's 2nd largest oil producer, may face new sanctions by Obama who vows it will "pay a price" for SA plot.

OPEC, Iran's 2nd largest oil producer, may face new sanctions by Obama who vows it will "pay a price" for SA plot.

TEHRAN: Iran, OPEC's second-biggest oil producer, is threatened with new economic sanctions by US President Barack Obama, who has vowed to make it "pay a price" for an alleged assassination plot in Washington. Western and UN sanctions in force over Iran's controversial nuclear programme already weigh heavily on the country, which is dependent on its rich oil and gas sector. Officially, Iran's leaders say the sanctions have only strengthened their economy, and that they have found new partners such as China to replace the Western ones leaving. Despite some delays in getting paid because of problems in effecting financial transactions, which for instance left India $5 billion in arrears before settling early this year, Iran continues to sell its oil without too much problem. This year it is projected to rake in more than $100 billion because of the high price oil fetched ove...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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