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LONDON, March 8 (UPI) -- Some of the largest oil traders in the world have stopped working with Iran as U.S. pressure on the so-called Achilles Heel of Iran gains influence.
Vitol, the world's largest oil trader, joined Glencore and Trafigura in their halt on the shipment of gasoline to Iran, the Financial Times reports. U.S. lawmakers have pressured oil traders to stop working with Iran as part of an effort to persuade Tehran to abandon its nuclear ambitions.
The three trading giants together had sold more than 60,000 barrels of oil to Iran. Iran, for its part, sits on some of the largest oil and gas deposits in the world, though crumbling infrastructure and lavish petrol subsidies is curbing its export potential.
Iran announced it would release billions of dollars worth of bonds to rebuild the energy infrastructure and has driving restrictions in place to curb demand.
The decision to cut petrol trade to Iran is unlikely to have a dramatic impact on the country as Chinese and Emirati companies continue to do business with Iran.
Chinese oil traders, the Financial Times said, provide Iran with about 30 percent of its oil needs.
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