U.S. sanctions against Iran's oil industry will damage the stability of glo...
FILE PHOTO: A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran, July 25, 2005. REUTERS/Raheb Homavandi/File Photo
“These sanctions are an example of America’s bullying reaction in trying to change the balance of power in the world,” Amir Hossein Zamaninia, a deputy oil minister, said in a report carried by the oil ministry’s news website SHANA. The United States demanded last Monday that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which allowed Iran’s eight biggest buyers, most of them in Asia, to continue importing limited volumes.
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