Iran, Venezuela discuss oil embargo
"Oil is the lifeline of the West, and most of the West's military industries are dependent on it,” the Tehran Times suggested in an editorial last week. Irritated by a recent resolution by the International Atomic Energy Agency (IAEA) that called for a halt to Iran’s uranium conversion program, the newspaper suggested that oil-rich states form a united front and use oil as a tool to confront "western neocolonialist countries."
In Venezuela, Pres. Hugo Chavez has taken the idea a step further, threatening to halt oil exports if alleged attacks on his country continue, according to Agence France Press. Appearing last week as a witness at a symbolic “anti-imperialist court” in Caracas, Chavez said, “Washington’s molestation may cause more serious problems; our two oil tankers going to the U.S. everyday may go to another country.” He added that the “Northern America market is not compulsory for us.” Venezuela exports 1.5 million barrels of oil to the United States daily.
According to the Islamic Republic News Agency, the Iranian newspaper’s editorial described oil as “the most potent economic weapon for settling scores,” and suggested an embargo on oil sales to the United States and European countries that are pressuring Iran to end its nuclear program. Read More.