1810 GMT: Oil Watch. Demonstrating the phrase "cutting off your nose to spite your face"....<,/p>
Parliament's Energy Committee has prepared a bill to decrease crude exports by nearly one third in the current Iranian year --- from March 2012 to March 2013 --- in retaliation for international sanctions.#
Iran's oil exports have already fallen by 60% this year. The Parliamentary committee did not make clear how a further reduction of exports, and thus revenue, would benefit the Islamic Republic.