Unable to restrain Iran from continuing with its uranium enrichment and reprocessing activities, the International Atomic Energy Agency (IAEA), has turned to the United Nations Security Council (UNSC) for help. The IAEA, a specialised agency under the United Nations, by deciding to send to the UNSC its March 2006 report on the status of Iran’s implementation record on IAEA safeguards on its nuclear installations has indicated that the situation is serious enough to be taken up by the higher UN body responsible for international security.
India can drive a hard bargain on the IPI Pipeline
The general impression is that Iran has gained tremendously from rising oil prices, fuelled by its vast oil wealth. In reality, however, given increased domestic consumption coupled with inefficient usage and subsidies, Iran is actually struggling to produce enough oil and gas for export. Without substantial upgrades Iran's oil production is expected to go through a gradual decline. Though Iran has abundant oil reserves, estimated at around 137 billion barrels, it has not even been able to generate its OPEC quota due to lack of technical expertise and skills.