March 21, 2012 | Quote

Major Nations Could Face Economic Sanctions Over Iran Oil Buys

Mark Dubowitz of the Foundation for Defense of Democracies, a pro-sanctions group, said the administration’s approach would help reassure nervous oil markets by showing that Japan can continue to make limited purchases of Iranian oil.

The administration’s goal is to persuade major purchasers to cut their contracts by sizable amounts, while pushing other countries to demand deep price discounts due to lower demand. Saudi Arabia has signed agreements with Iran’s customers to provide its oil as a substitute.

Dubowitz predicted that the cuts and discounted prices would reduce Tehran’s foreign earnings from oil exports by 20% to 30%.

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Iran Iran Sanctions