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President Obama expected to sanction Iran on oil

March 30, 2012 | 12:38 pm

Obama

REPORTING FROM WASHINGTON -- The Obama administration signaled that it will press ahead with tough sanctions on Iran by issuing a formal ruling today that there is enough oil in world markets to cut exports from Iran.

President Obama is required under sanctions legislation he signed in December to determine every six months whether there’s enough oil on the market to cut back the flow from Iran.

Officials are expected to announce the move in a conference call with reporters today.

The administration has made the decision even though oil prices have been increasing, and experts generally agree that the oil supply is tight.

The decision was widely expected. If Obama had decided that conditions were not suitable, he probably would have come under attack from Republicans for an insufficient commitment to the sanctions program.

The sanctions are aimed at persuading Iran to halt its suspected nuclear weapons program.

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Photo: President Obama, shown in Seoul on Monday, is moving ahead with tough sanctions aimed at squeezing Iran's oil exports. Credit: Susan Walsh / Associated Press

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