China's premier visiting Saudi Arabia and Britain stating the it believes that the EU would soon ban imports of Iranian oil as signs of increasing isolation of Iran. President Obama has also signed a law that would block any institution out of the US financial system that deals with Iran's cetral bank. The law could make it impossible for most countries to buy the oil if it is applied. However, there would be waivers that would allow countries to import Iranian oil but would demand that they gradually cut back. Iranian OPEC Governor Mohammad Ali Khatibi warned neighboring Arab oil exporters that it would view any move to make up for Iranian crude oil as an unfriendly act. Khatibi told the Sharq newspaper that any country replacing Iranian oil "would be the main culprits for whatever happens in the region- including the Staitof Hormuz."
http://www.reuters.com/article/2012/01/16/us-iran-idUSTRE80E0OG20120116
Derald Willey
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