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Source: http://www.ynetnews.com/articles/0,7340,L-4239696,00.html
Iran on Verge of Economic Disaster?
(Ynet News) Guy Bechor - On July 1, the EU's full oil embargo on Iran will go into effect, and Tehran shall lose one quarter of its oil sales revenues. In early July, the large insurance companies will stop insuring Iranian tankers and any vessel carrying Iranian oil. Saudi Arabia has boosted its oil output to a 30-year high, thereby causing a deliberate decline in oil prices. China's and the West's oil consumption is declining in any case as result of the economic recession, and the growing Saudi output produced a situation whereby supply is higher than demand, prices are dropping, and Iran's customers are switching to Saudi Arabia. The Kurds in northern Iraq have also boosted their oil production.