December 21, 2011 | Quote

US Joins EU Push to Embargo Iran Oil Over Nuclear Effort

“The ultimate goal is not to take every barrel of Iranian oil off the market, but to significantly decrease the revenue Iran receives for its oil sales,” said Mark Dubowitz, director of the Iran Energy Project at the Foundation for Defense of Democracies in Washington, who has been advising Congress and the administration on targeting Iranian energy revenues. …

The U.S. is pressing Japan to impose a surcharge on refiners who import oil from Iran, Dubowitz said. The idea is to encourage refiners to seek cheaper crude from other nations or force Iran to cut its prices.

An EU embargo as well as modest decreases in Japanese and South Korean imports from Iran would leave remaining buyers, including China and India, better positioned to wring deep discounts, Dubowitz said.

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Iran Iran Sanctions