Iran's Oil Weapon

Eurasia Security Watch, American Foreign Policy Council:

With some form of United Nations Security Council action now a distinct possibility, officials in Tehran are warning of potentially devastating global consequences if Iran is sanctioned for its nuclear ambitions.

Because of its energy wealth, “extra-regional powers must know that Iran is not merely a regional power; it is a major power in the Middle East and the world,” Major-General Yahya Rahim Safavi, Commander of Iran’s clerical army, the Pasdaran, announced during a Tehran sermon on September 23rd.

Moreover, according to him, the clerical regime is not afraid of using its substantial energy leverage (some 2.5 million barrels per day in crude oil exports) against the international community.

Iran “can retaliate accordingly and has the power to attack enemies’ interests in the furthest reaches [of the world]... Any kind of sanctions imposed on Iran can increase the price of oil to $100 per barrel,” Safavi has warned. (Tehran IRNA, September 23, 2005)