News / Middle East

US Moving to Undercut Iran Oil Markets

TEXT SIZE - +

The U.S. government is trying to shrink the market for Iranian oil to deprive Tehran of funds for its nuclear program. And Iranian consumers are feeling the effects.

As the world's third-largest exporter of crude oil, Iran is a major supplier for China, Japan and India, as well as the European Union. The United States is pushing to dry up that market because it says Iran uses oil profits to develop nuclear weapons.

“What we are saying to all of our allies and partners around the world is that we are encouraging everybody to buy less Iranian crude, as little as possible, to find alternative sources of supply in the context of the economic squeeze that all of us are trying to put on Iran to encourage Iran to come clean with the international community about its nuclear weapons program,” said US State Department spokeswoman Victoria Nuland.

China says Iran wants to return to talks about its nuclear program, so there is no reason to embargo oil sales.

"Iran has expressed its willingness to enhance cooperation with the International Atomic Energy Agency and to start a new round of fruitful dialogue on nuclear issues with China, Russia, Britain, France, Germany and the United States,” said Chinese Assistant Foreign Minister Ma Zhaoxu.

The United States and its allies say sanctions will slow Iran's pursuit of a nuclear weapon.  But Johns Hopkins University professor Ruth Wedgwood says it may be too late.

“The timeline for sanctions having any bite is a long one," said Wedgwood.  "And the concern about the timeline for Iran having its own capacity to produce a bomb, given its ambition to do so, is unknown and could be shorter.”

Iran's neighbors Iraq and Turkey are concerned about growing tension over its nuclear program and how sanctions on Iran could affect them, and the Iranian tourists who visit.

Turkish Foreign Minister Ahmet Davutoglu says Ankara wants a resolution that protects regional security without infringing on Iran's rights.

“Iran must ensure that there will be no military dimension of their nuclear technology, but at the same time, the right of having peaceful nuclear technology should be given to all nations including Iran,” said Davutoglu.

As the value of the Iranian rial hits record lows against the dollar, consumers are feeling the sanctions, despite what State Department spokeswoman Nuland says are allowances for food and medicine imports.

“We do regret that this is having an impact on people, but it’s having an impact on people because their government is making a very bad choice for Iran’s future, and frankly, for regional security and global security,” said Nuland.

With central bank sanctions hurting Iran's economy, efforts to undercut oil revenue will have a larger effect as a European Union ban on Iranian crude takes full effect in July.

You May Like

Multimedia Relatives of South Korean Ferry Victims Fire at Authorities

46 people are confirmed dead, but some 250 remain trapped inside sunken ferry More

War Legacy Haunts Vietnam, US Relations

$84 million project aims to clean up soil contaminated by Agent Orange More

Wikipedia Proves Useful for Tracking Flu

Technique gave better results than Center for Disease Control (CDC) and Google’s Flu Trends More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Ukraine, Russia, United in Faith, Divided in Politicsi
X
Michael Eckels
April 19, 2014
There is a strong historical religious connection between Russia and Ukraine. But what role is religion playing in the current conflict? In the run-up to Easter, Michael Eckels in Moscow reports for VOA.
Video

Video Ukraine, Russia, United in Faith, Divided in Politics

There is a strong historical religious connection between Russia and Ukraine. But what role is religion playing in the current conflict? In the run-up to Easter, Michael Eckels in Moscow reports for VOA.
Video

Video Face of American Farmer is Changing

The average American farmer is now 58 years old, and farmers 65 and older are the fastest growing segment of the population. It’s a troubling trend signaling big changes ahead for American agriculture as aging farmers retire. Reporter Mike Osborne says a new report from the U.S. Census Bureau is suggesting what some of those changes might look like... and why they might not be so troubling.
Video

Video Donetsk Governor: Ukraine Military Assault 'Delicate But Necessary'

Around a dozen state buildings in eastern Ukraine remain in the hands of pro-Russian protesters who are demanding a referendum on self-rule. The governor of the whole Donetsk region is among those forced out by the protesters. He spoke to VOA's Henry Ridgwell from his temporary new office in Donetsk city.
Video

Video Drones May Soon Send Data From High Seas

Drones are usually associated with unmanned flying vehicles, but autonomous watercraft are also becoming useful tools for jobs ranging from scientific exploration to law enforcement to searching for a missing airliner in the Indian Ocean. VOA’s George Putic reports on sea-faring drones.
Video

Video New Earth-Size Planet Found

Not too big, not too small. Not too hot, not too cold. A newly discovered planet looks just right for life as we know it, according to an international group of astronomers. VOA’s Steve Baragona has more.
Video

Video Copts in Diaspora Worry About Future in Egypt

Around 10 percent of Egypt’s population belong to the Coptic faith, making them the largest Christian minority in the Middle East. But they have become targets of violence since the revolution three years ago. With elections scheduled for May and the struggle between the Egyptian military and Islamists continuing, many Copts abroad are deeply worried about the future of their ancient church. VOA religion correspondent Jerome Socolovsky visited a Coptic church outside Washington DC.
Video

Video Critics Say Venezuelan Protests Test Limits of Military's Support

During the two months of deadly anti-government protests that have rocked the oil-rich nation of Venezuela, President Nicolas Maduro has accused the opposition of trying to initiate a coup. Though a small number of military officers have been arrested for allegedly plotting against the government, VOA’s Brian Padden reports the leadership of the armed forces continues to support the president, at least for now.
Video

Video More Millenials Unplug to Embrace Board Games

A big new trend in the U.S. toy industry has more consumers switching off their high-tech gadgets to play with classic toys, like board games. This is especially true among the so-called millenial generation - those born in the 1980's and 90's. Elizabeth Lee has more from an unusual café in Los Angeles, where the new trend is popular and business is booming.
Video

Video Google Buys Drone Company

In its latest purchase of high-tech companies, Google has acquired a manufacturer of solar-powered drones that can stay in the air almost indefinitely, relaying broadband Internet connection to remote areas. It is seen as yet another step in the U.S. based Web giant’s bid to bring Internet to the whole world. VOA’s George Putic reports.
AppleAndroid