Posted on December 2, 2011 by usachinanukewar
Crude oil: US sanctions against Iran and China’s call for WW III |
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Iran’s Crude Oil is once again targeted by the US as it spruces up to tighten its financial sanctions in a move to deter buyers of Iranian oil. China, has meanwhile threatened a third world war if the US does not stay away from Iran.
The US has been stepping up pressure after a report from the IAEA suggested that Iran may be developing nuclear weapons. Iran has rubbished the allegations by stating that the nuclear technology is being developed only for peaceful purposes. Oil is Iran’s main source of revenue and pumped in $56 billion in the first 7 months of 2011, as per data by the Energy Department. As such, sanction on buying of Oil will strain the Iranian economy, the US believes.
France has also stepped forward to suggest that the EU stop all crude oil imports from Iran. The EU is however split on a decision.
In spite of all the sanctions of the West, crude oil is an important commodity and it is impossible to think that Iran, the third largest Crude Oil exporter, will have a hard time in finding buyers for Oil. Asia, especially China and India have increased their imports from Iran. The Chinese customs expect Iran to be the second largest crude supplier to China in 2011.India, meanwhile, has routed payments through Turkey after finding it difficult to pay for Iran’s crude oil through Europe.
The aggression of the West has been met with strong words from both Russia and China, who have been warning of any attacks on Iran. A Chinese television reported China’s Major General Zhang Zhaozhong as saying that China will not hesitate to protect Iran even with a Third World War in order to safeguard its domestic political needs.
Russia has also voiced similar sentiments regarding Syria with President Dmitry Medvedev publicly stating that he has put the... [continues]
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(2012, 03). Chinese General Threatens. StudyMode.com. Retrieved 03, 2012, from http://www.studymode.com/essays/Chinese-General-Threatens-951792.html
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