Obama: Sufficient Oil In Market to Expand Iran Sanctions
Published at
Alex Wong/Getty Images(WASHINGTON) — President Obama announced today that there is a sufficient supply of non-Iranian oil to permit “a significant reduction in the volume of petroleum and petroleum products purchased from Iran by or through foreign financial institutions.”
The statement comes after a review of oil markets required under the National Defense Authorization Act, which imposed sanctions on Iran for its nuclear program.
In a memo to the Secretaries of State, Treasury and Energy the president wrote that he will continue to closely monitor oil supplies to ensure the market can accommodate a reduction in purchases of Iranian oil.
Secretary of State Hillary Clinton issued a statement that she will recommend seven more countries be exempt from sanctions after finding that the countries have significantly reduced their import of Iranian crude oil. India, Malaysia, South Korea, South Africa, Sri Lanka and Taiwan join 11 other countries: Belgium, Britain, the Czech Republic, France, Germany, Greece, Italy, the Netherlands, Poland, Spain and Japan, Clinton exempted in March.
Of major importers of Iranian oil, only China has not received an exemption; it has until June 28 to reduce its consumption of Iranian oil enough to satisfy U.S. requirements for reduction or face sanctions.
Copyright 2012 ABC News Radio