The United States has informally asked Japan to not help build Iran’s refinery capability and to reduce oil imports from it. Japan’s Nippon Corp announced earlier that would reduce oil imports from Iran as the risk of supply from the country is becoming more risky. This is the first sign that Iran’s nuclear program is actually affecting its oil export capability and undoubtedly its economy. Iran’s economy is struggling to stay above ground even as it becomes increasingly isolated from many world powers. It has introduced a new Euro-based system of mercantile banking foregoing the US Dollar based and the British Pound based regimes operating out of New York and London respectively. Several members of the Other Oil and Petrol Exporting Countries (OPEC) organization are expected to participate in this new system. It is not clear if they will forego the other systems. Iran is the world’s 3rd largest oil producing nation and has the largest known natural gas reserves.