Obama to Clear Way to Tighten Iranian Oil Sanctions
Source: NY Times
President Obama has determined there is enough oil in world markets to allow countries to rely less on imports from Iran, a step that could increase Western actions to deter Tehran’s nuclear ambitions, an administration official said Friday.
Mr. Obama is required by law to decide by March 30, and every six months after, whether the price and supply of non-Iranian oil is sufficient to allow for countries to cut their oil purchases from Iran.
Mr. Obama’s decision was to be announced Friday afternoon in a conference call, the official said. He made the decision after consultations with a number of oil exporters that had agreed to increase production. The decision comes even as gas prices have risen in recent months, a rise that his political advisers say could hamper his re-election efforts.
The new sanctions, passed as part of the defense budget and mandated by the Senate in a rare 100-to-0 vote, penalize foreign corporations or other entities that purchase oil from Iran’s central bank, which collects payment for most of the country’s energy exports. The penalties are meant to pressure Iran to curb its nuclear program.
Read more: http://www.nytimes.com/2012/03/31/business/global/obama-to-clear-way-to-expand-iranian-oil-sanctions.html
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