(Reuters) Timothy Gardner - Fresh U.S. sanctions over Iran's nuclear program aim to slash the country's oil sales in half within a year, Sen. Robert Menendez, chairman of the Senate Foreign Relations Committee, told the American Israel Public Affairs Committee in New York on Monday. The Senate bill would cut Iran's current oil exports to no more than 500,000 barrels per day. A more severe bill passed by the House of Representatives in July would slash exports to nearly zero. Menendez said Iran must freeze and dismantle its nuclear program and demonstrate it is complying before sanctions are lifted. "This is not the time to loosen sanctions," he said.
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