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For the past three years, he has been the lucky president.

Everything seems to have fallen the right way for Mahmoud Ahmadinejad of Iran.

There was international disarray over his country's nuclear programme; Israel's ill-thought-out attack on Lebanon in 2006 that spurred support for Hezbollah and the president; and the perhaps fortuitous capture of a group of British troops off its coast last year.

Above all, record oil prices have enabled Mr Ahmadinejad to go on an unprecedented spending spree at home and abroad, including buying support, according to his critics.

But now his luck may be turning. In fact, in a few months Iran could face an economic "perfect storm".