Monday, November 12th | 4 Kislev 5779

Subscribe
November 2, 2018 9:49 am

Despite New Round of Iran Sanctions, Trump Assures ‘Enough Oil’ for World Use

avatar by JNS.org

Email a copy of "Despite New Round of Iran Sanctions, Trump Assures ‘Enough Oil’ for World Use" to a friend

US President Donald Trump. Photo: Sean Sullivan and Robert Costa via Flickr.

JNS.org – Despite the upcoming second round of US sanctions on Iran next week, there is enough oil to supply the world’s energy needs, said US President Donald Trump.

In a formal declaration on Wednesday, Trump said that “after carefully considering” reports submitted to Congress by the Department of Energy, there is “a sufficient supply of petroleum and petroleum products from countries other than Iran to permit a significant reduction in the volume of petroleum and petroleum products purchased from Iran by or through foreign financial institutions.”

Trump’s analysis mirrors that of National Security Advisor John Bolton, who said in August that US sanctions on Iran, which were lifted under the 2015 nuclear accord that America withdrew from in May, could cause the Islamic Republic to no longer export oil.

Zero Iranian oil exports would cut the world’s supply by more than 4 percent, likely increasing prices elsewhere due to less competition, according to The Guardian.

Related coverage

November 12, 2018 5:48 pm
0

Wisconsin School District Launches Investigation After Students Appear to Make Nazi Salute in Prom Photo

A school district in Wisconsin is launching an investigation after dozens of high school students were photographed making what appears...

The sanctions are scheduled to take effect at 12:01 a.m. on Nov. 5.

In addition to targeting Iran’s energy sector, they’ll also target Iranian shipping and ship-building, as well as “the provision of insurance and transactions involving the Central Bank of Iran and designated Iranian financial institutions.”

Share this Story: Share On Facebook Share On Twitter Email This Article

Let your voice be heard!

Join the Algemeiner

Algemeiner.com