US Magazine Admits Biden Administration’s Sanctions on Iran’s Oil Sector Failed
US Magazine Admits Biden Administration’s Sanctions on Iran’s Oil Sector Failed
11-2-2024
Information/Translation..
A report by the American National Interest magazine, on Saturday, admitted that the Biden administration’s sanctions on the Iranian oil sector have already proven their failure, as the Iranian oil sector remained vital in financing the military campaign against the Zionist entity and Western powers and as a key axis in Tehran’s relationship with Beijing.
The report, translated by Al-Maalouma Agency, stated that “the Energy Information Administration’s recent report on Iranian oil exports stands as a stark reminder that the intermittent sanctions imposed by Obama and Biden on Tehran have failed, just as US sanctions on Russia have failed.”
“Since 2020, Iran’s oil export revenues have nearly quadrupled, from $16 billion to $53 billion in 2023, according to the U.S. Energy Information Administration. This is due to rising global oil prices and China’s thirst for oil, which has led to a closer partnership with Iran. With plenty of money, Tehran has had the resources it needs over the past few years to confront the Israeli entity and the American presence supporting it in the region,” he added.
“The main trends in the global economy contributed to the sharp rise in Iranian crude prices from $29 in 2020 to $84 in 2022. The easing of restrictions imposed due to the pandemic has boosted energy demand, and the war between Russia and Ukraine has reduced energy supplies. Although the United States has limited influence on oil prices, the rise in prices acts as a force multiplier for Iran, allowing it to benefit more from the oil it sells in the face of the Biden administration’s failure to impose sanctions.”
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