Iran oil industry booms as sanctions lose bite: Energy output, export at record high

Sanctions are increasingly seen as ineffective, existing "only on paper", while Iranian oil production and exports surge. Experts from all around the world are divided about the efficacy of sanctions read more A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration. Reuters Iran is higher up on the list of countries that are sanctioned in the world. Despite this, Iran's economy is booming, with the country recording soaring highs in the oil and energy industries. Earlier this week, the US imposed sanctions against a network that smuggles Iranian oil…