A European Union oil embargo on Iran, pushed stringently by the United States, is likely to be delayed for six months to let economically troubled countries such as Greece, Italy and Spain find alternative supplies, according to an EU official.
The harsh sanctions on Iran’s oil industry is widely expected to have crippling effects on the economy and thus the well-being of ordinary Iranians who rely on the country’s natural resource market to spur economic growth. Many have pointed to similar sanctions regimes heaped on Saddam Hussein’s Iraq during the 1990s, which left the country destitute and led to hundreds of thousands of deaths.
But the other side of that coin is that countries in the EU, many of whom are facing severe economic crises and whom rely heavily on Iranian imported oil, are being pressured to impose additional self-inflicted economic pain on their own countries by abiding by U.S. demands to ban Iranian oil.
The Obama administration has been sending teams of consultants around the world to give advice on managing the supply and demand of oil, as if they know better than the market.
The sanctions are supposedly aimed at curbing Iran’s alleged ambitions to attain nuclear weapons, an ambition Iran denies they harbor. There is no evidence of an Iranian nuclear weapons program, and the opinion of theU.S. intelligence community, the Obama administration, and the latest IAEA report is that Iran’s enrichment is so far civilian in nature.
….Or Iran could reverse the oil flow eastwards in response to the threats, right now.
I'll wager the EU doesn't sign on to this embargo because they know their citizens will burn the place down if they do. They won't have to worry about paying the lighting bill to light up the Acropolis – Athens in flames will do the job nicely. And there won't be a hole small enough for Sarkozy to hide in.
Would not the end of Iranian oil exports cause the world price to go up? Oil is fungible after all. Everyone will be paying more for oil not just Europeans.
EU thought about the idea sanctioning Iran Oil and is been discussed long before the Libyan war and Arab spring if you will, so they started the BS about Libya hoping to get some of their oil from the new puppet regime in Libya. Denmark, Sweden, England, France and Germany are the most active governments regarding the Iranian sanctions and above all the most warmongers in the region, including the social democrats. However, Italy, Greece, Spain and some other countries are dependent on the Iranian Oil, in the other hand changing the Libyan regime is about Africa and South Africa influence in Africa so is the Iranian influence in Middle east which is the other goal of US and NATO militarism regime to stop and by all means. so the entire matters are not only about Oil but if you ask Hillary Clinton she will lie to you and say that is about “democracy” and US-EU democrats to steal the peoples wealth in Africa and in Middle east.