US Sanctions on Iranian Oil “Seizing the World”
The U.S. sanctions against third-party countries that buy Iranian oil are “political tricks” destined to “seize the world”, says a published commentary today in the People’s Daily, an important newspaper in China.
The comment indicates that the United States will cause “risk and chaos” in the economic activities of other countries by obligating them to suspend their purchases of Iranian oil.
A law signed by U.S. President Barack Obama at the end of the year stipulates that financial institutions whose governments continue to buy crude Iranian oil after June 28 will be denied access to the U.S. financial market.
The action is meant to put the brakes on Iran’s nuclear program. Western countries have accused Iran of using the program to develop weapons, while Iran maintains that it is completely peaceful.
Although at the last minute China was given an extension of 180 days for having “significantly reduced” purchases of Iranian oil, the practice of extending its own norms to other countries is an “act of sequestration” says the paper.
The United States has “felt insulted for a long time” because of the nuclear program in Iran, and is now using the sanctions to coerce other countries into carrying out the will of the United States, it adds.
“The United States for a long time has considered itself a spokesperson and arbitrator for the whole world, which judges other countries and imposes unilateral sanctions for its own benefit,” says the commentary.
Iran has the capability of producing four million barrels of oil per day, which represents five percent of the world’s total production.
U.S. officials say that due to the sanctions, Iran’s oil exports have gone down to 1.5 million barrels per day, in contrast with the 2.5 million per day last year.
China is the third most important importer of Iranian oil. In 2011, they imported a total of 27 million tons of Iranian hydrocarbon.
The comment indicates that the United States will cause “risk and chaos” in the economic activities of other countries by obligating them to suspend their purchases of Iranian oil.
A law signed by U.S. President Barack Obama at the end of the year stipulates that financial institutions whose governments continue to buy crude Iranian oil after June 28 will be denied access to the U.S. financial market.
The action is meant to put the brakes on Iran’s nuclear program. Western countries have accused Iran of using the program to develop weapons, while Iran maintains that it is completely peaceful.
Although at the last minute China was given an extension of 180 days for having “significantly reduced” purchases of Iranian oil, the practice of extending its own norms to other countries is an “act of sequestration” says the paper.
The United States has “felt insulted for a long time” because of the nuclear program in Iran, and is now using the sanctions to coerce other countries into carrying out the will of the United States, it adds.
“The United States for a long time has considered itself a spokesperson and arbitrator for the whole world, which judges other countries and imposes unilateral sanctions for its own benefit,” says the commentary.
Iran has the capability of producing four million barrels of oil per day, which represents five percent of the world’s total production.
U.S. officials say that due to the sanctions, Iran’s oil exports have gone down to 1.5 million barrels per day, in contrast with the 2.5 million per day last year.
China is the third most important importer of Iranian oil. In 2011, they imported a total of 27 million tons of Iranian hydrocarbon.
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