Pressed by U.S., Asian Countries Look for Ways to Reduce Purchases of Iranian Oil

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According to the United States' sanctions on Iranian oil, Asian countries decided to join that direction. It has significant meaning to Iran since China, India, Japan, and South Korea altogher consume 60% of Iranian oil. China already reduced its import of oils from Iran. Japan and South Korea are trying to accomodate the pressure from the US. The success of failure of this sanction depends on how other countries in Middle East can export oils to fill the Iran's portion. Any disruption in the Middle East would make oil prices sharply increased, which will be followed by more chaos in world economy.

http://www.nytimes.com/2012/01/07/world/middleeast/amid-pressure-on-oil-iran-plans-new-round-of-military-exercises.html?_r=1&scp=1&sq=iran%20oil&st=cse

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