(WASHINGTON) — President Barack Obama is moving closer to imposing sanctions on Iran’s oil exports after determining that there is enough crude oil in the global market to avoid buying from Iran.
Obama made the announcement on Friday in a statement to the departments of Energy, State and Treasury. Iran faced pressure over the last months over its nuclear program and any further sanctions would be imposed on entities that continue to purchase oil from Iran.
“I determine… that there is a sufficient supply of petroleum and petroleum products from countries other than Iran to permit a significant reduction in the volume of petroleum and petroleum products purchased from Iran by or through foreign financial institutions,” according to the statement.
Copyright 2012 ABC News Radio
Holly Yan, CNN