Chinese oil demand fueling Iranian defiance
Posted by doris in China, Gas or Oil, Government, IranNEW YORK (CNNMoney.com) — Don’t look for Iran to throw up the white flag anytime soon.The Obama administration is scrambling to tighten trade sanctions against Iran after the disclosure last week that Tehran was hiding a heavily fortified facility that many believe is designed to make material for nuclear weapons.
But the kind of sanctions that would really hit Iran’s economy – sanctions against its energy industry – are thought to be off the table because China and other nations are too reliant on Iran’s oil.
“They look to Iran as a major source of future oil supplies,” said James Placke, a senior associate at Cambridge Energy Research Associates who specializes in the Middle East. “They’d have to go through a substantial policy reversal, and I’d be surprised if they did that.”
Entries (RSS)