OPEC's oil reserves haven't been independently verified, but there's evidence they've inflated the numbers. Here's why it matters.
China and Russia could gain significant leverage over Iran as mounting EU sanctions cause it to begin looking for business elsewhere.
Despite Tehran's insistence that increasingly strict sanctions are not harming Iran, Iranian oil sales are down and its foreign exchange access is being hampered by the US and UN sanctions.
As tighter sanctions on Iran's gasoline purchases move through the US Congress, Iranian officials say they have plenty of alternative suppliers, such as China and Venezuela. But some analysts say that prices will rise for Iranian consumers.
Iran test-launched its powerful Sajjil-2 missile on Wednesday. The Iranian missile has the range to reach Israel and parts of Europe and a drew a sharp response from the US and and other Western powers, who say it increases their doubts about the Islamic Republic's intentions and hardens their resolve on sanctions.