Tehran has seen its oil export revenue collapse with the ratcheting up of US sanctions. Known imports of Iranian crude fell to just 230,000 b/d for June. And they may well have fallen further for July.

But Iran is a country used to adapting to adversity. The country is looking to bunker down and cut its cloth according to its means: after all, the Islamic Republic has already outlasted six US presidents; who would bet against making it seven? (CONTINUED - 985 WORDS)