Iran benefits from thirst for oil

The nations of the world cannot afford to impose an embargo on Iranian oil exports as a way of punishing Teheran for its suspected pursuit of nuclear weapons, a leading oil market researcher has concluded.

“The U.N. Security Council would be hurting the world more than it was hurting Iran if it restricted Iranian oil exports,” said John Lichtblau, head of the Petroleum Industry Research Foundation, which tracks international oil markets. “The United Nations might restrict other Iranian exports or limit Iranian imports of military equipment, but I don’t see the U.N. Security Council imposing sanctions on Iranian oil.”

Caspar Star Tribune