"After careful analysis of oil prices and months of negotiations, President Obama on Friday determined that there was sufficient oil in world markets to allow countries to significantly reduce their Iranian imports, clearing the way for Washington to impose severe new sanctions intended to slash Iran’s oil revenue and press Tehran to abandon its nuclear ambitions."
"The White House announcement comes after months of back-channel talks to prepare the global energy market to cut Iran out — but without raising the price of oil, which would benefit Iran and harm the economies of the United States and Europe.
Since the sanctions became law in December, administration officials have encouraged oil exporters with spare capacity, particularly Saudi Arabia, to increase their production. They have discussed with Britain and France releasing their oil reserves in the event of a supply disruption."
Annie Lowrey reports for the New York Times March 30, 2012.
SEE ALSO:
"Obama Tightens Spigot on Iran’s Oil" (ABC News)
"Obama Risks Higher Oil Prices From The Iran Embargo" (Forbes)
"Obama Strengthens Iran Sanctions, But Will the GOP Notice?" (Atlantic Wire)
"Obama Clears Sanctions To Squeeze Iran" (AP)
Opinion: "To Stop Iran, the G.O.P. Should Back Obama" (New York Times)
"Obama Inches Closer To New Iran Oil Sanctions" (Aljazeera)
"Barack Obama's Latest Sanctions Against Iran Designed To Cut Its Oil Exports" (Guardian)
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