Embargo on oil too costly

THE world cannot afford to impose an embargo on Iranian oil exports to punishTehran for its suspected pursuit of nuclear weapons, a leading oil market researcher says.

“The UN 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 Security Council imposing sanctions on Iranian oil.”

Mr Lichtblau’s New York-based think tank has been tracking international oil issues since 1944.

Sidney Morning Herald