US political pressure is beginning to take its toll on Iran’s key oil buyers well ahead of the 4 November re-imposition of oil sanctions. Having already lost last year’s third biggest buyer South Korea and the seventh largest, France, number six Japan looks set to pull out too.
As more buyers succumb to US pressure to halt Iranian purchases, so the pressure mounts on the remaining holdouts to emulate them. Meanwhile, the bargaining positions of those countries willing to resist the US – namely China and India – strengthens further, enabling them to extract improved terms from Tehran. (CONTINUED - 1497 WORDS)
