U.S. imposes further sanctions on Iranian oil exports

The U.S. has approved a new round of sanctions against the major oil producer Iran, as President Barack Obama continues efforts to deter its potential development of nuclear weapons, according to the BBC.

The new set of sanctions would impose punitive measures against any companies that continue to purchase crude oil from the Middle Eastern nation, particularly the banks that are facilitating the transactions.

Despite passing through the Senate with a rare 100 votes in support, Obama only approved the new sanctions after careful analysis of current oil supplies and the likely effect on crude oil prices.

"There currently appears to be sufficient supply of non-Iranian oil to permit foreign countries to significantly reduce their import of Iranian oil," the White House said in a statement. "In fact, many purchasers of Iranian crude oil have already reduced their purchases or announced they are in productive discussions with alternative suppliers."

Bloomberg reports that legislators continue to push for harsher sanctions against Iran, including penalties for investments made in the country's oil and gas exploration industry.

Reports on the Iranian oil market can be found at PennEnergy's Research area.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs