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March 30, 2012 8:00 pm

President Obama Believes Global Oil Supply is Sufficient, Toughens on Iran Sanctions

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President Obama. Photo: wiki commons.

Reuters – President Barack Obama vowed on Friday to forge ahead with tough sanctions on Iran, saying there was enough oil in the world market – including emergency stockpiles – to allow countries to cut Iranian imports.

In his decision, required by a sanctions law he signed in December, Obama said increased production by some countries as well as “the existence of strategic reserves” helped him come to the conclusion that sanctions can advance.

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