US President Barack Obama has vowed to go ahead with tough sanctions on Iran, saying there was enough oil in the world market to allow countries like China and India to significantly reduce their dependence on Iranian imports.
“I will closely monitor this situation to assure that the market can continue to accommodate a reduction in purchases of petroleum and petroleum products from Iran,” Obama said in his presidential determination.
“I determine...that there is a sufficient supply of petroleum and petroleum products from countries other than Iran to permit a significant reduction in the volume of petroleum and petroleum products purchased from Iran by or through foreign financial institutions,” Obama said.
From: http://ping.fm/r6MoR
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