EconomyNorth America

Oil sanctions on Iran to worsen global market: US

The US Energy Department has warned that imposing oil embargoes on Iran would aggravate the dire conditions of the global oil market by widening the gap between supply and demand.

The warning was made in a Saturday report by the US department’s Energy Information Administration (EIA).

The report was the fifth assessment issued under a December 31 law that requires the EIA to provide an update on the oil market conditions every 60 days.

At the beginning of 2012, the United States and the European Union (EU) imposed new sanctions on Iran’s oil and financial sectors.

On October 15, the EU foreign ministers agreed on another round of sanctions against Iran.

The illegal US-engineered sanctions were imposed based on the unfounded accusation that Iran is pursuing non-civilian objectives in its nuclear energy program.

Iran rejects the allegation, arguing that as a committed signatory to the nuclear Non-Proliferation Treaty and a member of the International Atomic Energy Agency (IAEA), it has the right to use nuclear technology for peaceful purposes.

In addition, the IAEA has conducted numerous inspections of Iran’s nuclear facilities but has never found any evidence showing that Iran’s civilian nuclear program has been diverted toward military objectives.

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