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Page added on September 30, 2009

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Over a Barrel: Why Iran Sanctions Won't Work

Going into Thursday’s high-stakes negotiations with Iran, President Obama will soon see for himself the corner into which the Islamic Republic has thrust his predecessors.

Iran has the world over a barrel, literally. The country’s vast oil reserves will undermine Obama administration efforts to increase U.N. sanctions, and Iran knows it.

…China’s booming population and insatiable thirst for oil to fuel development is driving Beijing directly into Tehran’s arms.

A net oil exporter until the early 1990s, China’s government estimates that crude oil imports will rise to meet 60 percent of its demand by 2020. That led Beijing, in the midst of nuclear brinksmanship with Iran, to seal a deal with the otherwise isolated nation worth about $2.5 billion.

Just this week, the China National Petroleum Corporation inked an agreement with the state-run National Iranian Oil Company to develop an oilfield, in southwestern Iran.

The South Azadegan oilfield is home to the largest reserves found since the 1970’s

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