News
Latest News
news bulletin
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Other News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Beirut
21
o
Mount Lebanon
21
o
Metn
22
o
Keserwan
22
o
North
22
o
South
21
o
Bekaa
19
o
Live
Video
Audio
Schedule
shows
العربية
watching now
Vision 2030
SUBSCRIBE
Home
Notification
Live
Video
Audio
shows
Beirut
21
o
Mount Lebanon
21
o
Metn
22
o
Keserwan
22
o
North
22
o
South
21
o
Bekaa
19
o
News
Programs
The News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Programs
Documentaries
Lebanon’s Centennial
News Bulletin
The Untold History
Talk Show
Series
Sports
Variety
Other
Comedy
Oldies
Breaking News
Latest News
Highlighted News
Most Read
Videos
العربية
Watch the latest programs and the latest developments on your favorite screen
Shows
Join millions of followers
Who We Are
Contact Us
Advertise With Us
Careers
Channel frequencies
Privacy Policy
Terms and Conditions
Biden's administration unlikely to cut Iran's oil lifeline
World News
2024-04-16 | 01:31
High views
Share
Share
6
min
Biden's administration unlikely to cut Iran's oil lifeline
Iran's unprecedented missile and drone strike on Israel is unlikely to prompt dramatic sanctions action on Iran's oil exports from the Biden administration due to worries about boosting oil prices and angering top buyer China, said analysts.
Shortly after Tehran launched its weekend attack - retaliation for Israel's suspected April 1 strike on the Iranian consulate in Damascus - House Republican leaders accused President Joe Biden of failing to enforce existing measures and said they would take up this week a series of bills to sharpen sanctions on Iran.
Speaking to Fox News on Sunday, Representative Steve Scalise the No. 2 House Republican, said the administration had made it easier for Iran to sell its oil, generating revenues that were being used to "go fund terrorist activity."
The political pressure to punish Iran creates a thorny problem for the administration: how to deter such attacks in future without escalating regional tensions, raising oil prices, or antagonizing China, the biggest buyer of Iranian oil.
Several regional analysts said they doubted Biden would take significant action to ramp up enforcement of existing US sanctions to choke off Iran's crude exports, the lifeblood of its economy.
"Even if these bills pass, it's hard to see the Biden administration going into overdrive, to try to spring into action or enforce existing sanctions or new ones to try to cut or curb (Iranian oil exports) in any meaningful way," said Scott Modell, a former CIA officer, now CEO of Rapidan Energy Group.
Former President Donald Trump reinstated US sanctions on Iran's oil in 2018 after pulling out of an international deal on Tehran's nuclear program. The Biden administration has sought to crack down on evasion of those measures with sanctions against companies in China, the United Arab Emirates, and elsewhere.
Despite those efforts, Rapidan estimates Iran's oil exports have hit 1.6 million to 1.8 million barrels a day, excluding condensates, a very light oil. That is close to the 2 million barrels a day Iran exported before sanctions, said Modell.
The possible effect on gasoline prices is one reason Biden, a Democrat, may not move strongly to curb Iran's oil exports.
Kimberly Donovan, a sanctions and anti-money laundering expert at the Atlantic Council, said that oil-related sanctions have not been strictly enforced in the past couple of years.
"I would not expect the administration to tighten enforcement in response to Iran's missile and drone attacks against Israel over the weekend, mainly for concerns (that) could lead to increases in oil prices," she said.
"The price of oil and ultimately the prices of gas at the pump become critical during an election year."
A State Department spokesman said the Biden administration had not lifted any sanctions on Iran and continued to increase pressure on the Islamic Republic.
"Our extensive and overlapping sanctions on Iran remain in place, and we continue to enforce them," said the spokesman.
Aggressively enforcing sanctions could also destabilize the US-China relationship, which Chinese and US officials have tried to repair following a rocky period after the US last year downed a suspected Chinese surveillance balloon that crossed US territory.
Almost all Iranian oil entering China is branded as originating from Malaysia or other Middle Eastern countries and is carried by a "dark fleet" of older tankers that typically switch off their transponders when loading at Iranian ports to avoid detection.
Tanker tracking specialist Vortexa Analytics estimated China acquired a record 55.6 million metric tons or 1.11 million barrels of Iranian crude a day last year. That amounted to roughly 90 percent of Iran's crude oil exports and 10 percent of China's oil imports.
Several analysts suggested Washington might take some action to cut Iran's oil exports in part to temper any Israeli reaction to the Iranian strikes, which could escalate the conflict.
But they said this would fall short of dramatic action such as sanctioning a major Chinese financial institution and instead could involve targeting Chinese or other entities engaged in such trade.
"If you really want to go after Iran's oil exports yes, you would have to take meaningful action against China," said one source familiar with the issue.
"Are you really going to go after the big banks? Are you going to do something that the administration has not done and even the Trump administration did not do?" he added.
Jon Alterman, a Middle East analyst at the Center for Strategic and International Studies, said there were limits to what Washington can do to impose sanctions and that evaders are adept at finding loopholes.
"I'd expect to see a gesture in the direction of (imposing) economic consequences on Iran, but I don't expect the White House — or any future White House — to be able to completely turn off the spigot of Iranian oil," he said.
Reuters
World News
Middle East News
Iran
United States
Joe Biden
Attack
Oil
Administration
China
Sanctions
Next
Australia: Assyrian church stabbing was terrorist act
South Korean President orders preemptive response to Middle East tensions
Previous
Related Articles
d-none hideMe
0
News Bulletin Reports
2024-04-21
Challenges in US-Iran Relations: New Sanctions on Iran's Oil Sector
News Bulletin Reports
2024-04-21
Challenges in US-Iran Relations: New Sanctions on Iran's Oil Sector
0
Middle East News
2024-04-19
China opposes actions that escalate tensions after attacks on Iran
Middle East News
2024-04-19
China opposes actions that escalate tensions after attacks on Iran
0
News Bulletin Reports
2024-04-18
The aftermath: Iran faces new sanctions following attack on Israel
News Bulletin Reports
2024-04-18
The aftermath: Iran faces new sanctions following attack on Israel
0
Middle East News
2024-04-18
US announces new sanctions on Iran following its attack on Israel
Middle East News
2024-04-18
US announces new sanctions on Iran following its attack on Israel
Recommended For You
d-none hideMe
0
World News
14:27
Blinken, Saudi crown prince examine achieving peace, security in Gaza
World News
14:27
Blinken, Saudi crown prince examine achieving peace, security in Gaza
0
World News
14:13
Italy reports downing a Houthi-launched drone in the Red Sea
World News
14:13
Italy reports downing a Houthi-launched drone in the Red Sea
0
World News
13:42
US finds five Israeli units responsible for 'serious' human rights violations before Gaza conflict
World News
13:42
US finds five Israeli units responsible for 'serious' human rights violations before Gaza conflict
0
World News
13:09
Blinken meets Saudi Crown Prince in Riyadh: Reuters
World News
13:09
Blinken meets Saudi Crown Prince in Riyadh: Reuters
Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
0
Press Highlights
2024-02-09
Lebanon's front on edge: US and EU proposals 'crumble' in face of Israeli priorities
Press Highlights
2024-02-09
Lebanon's front on edge: US and EU proposals 'crumble' in face of Israeli priorities
0
Lebanon News
2024-04-19
MEA adjusts Dubai flight schedule amidst storm recovery
Lebanon News
2024-04-19
MEA adjusts Dubai flight schedule amidst storm recovery
0
World News
08:54
NATO Secretary General says: It's not too late for Ukraine 'to prevail' in the war
World News
08:54
NATO Secretary General says: It's not too late for Ukraine 'to prevail' in the war
0
Press Highlights
2024-01-14
From Gaza to southern Lebanon: Navigating the political landscape amid regional turbulence
Press Highlights
2024-01-14
From Gaza to southern Lebanon: Navigating the political landscape amid regional turbulence
Videos
d-none hideMe
0
Lebanon News
2023-12-11
Breaking: Israel launches raid north of Litani on Monday (Video)
Lebanon News
2023-12-11
Breaking: Israel launches raid north of Litani on Monday (Video)
0
Lebanon News
2023-11-02
Exclusive to LBCI: U.S. State Department's Wooster Stresses Lebanon Must Avoid War, Sees Renewed Push for Two-State Solution
Lebanon News
2023-11-02
Exclusive to LBCI: U.S. State Department's Wooster Stresses Lebanon Must Avoid War, Sees Renewed Push for Two-State Solution
0
Lebanon News
2023-10-18
Protests Erupt near US Embassy in Awkar Against Israeli Attacks on Al-Maamadani Hospital in Gaza
Lebanon News
2023-10-18
Protests Erupt near US Embassy in Awkar Against Israeli Attacks on Al-Maamadani Hospital in Gaza
0
Lebanon News
2023-10-05
ATFL's Ambassador Edward Gabriel on Navigating Through Economic, Political, and Refugee Crises
Lebanon News
2023-10-05
ATFL's Ambassador Edward Gabriel on Navigating Through Economic, Political, and Refugee Crises
0
Sports News
2023-08-31
Amir Saoud Powers Lebanon to Victory Over Cote d'Ivoire: A Deep Dive Into The Numbers
Sports News
2023-08-31
Amir Saoud Powers Lebanon to Victory Over Cote d'Ivoire: A Deep Dive Into The Numbers
0
Sports News
2023-08-29
France Edges Past Lebanon in a Nail-Biter at FIBA World Cup 2023: A Statistical Deep Dive
Sports News
2023-08-29
France Edges Past Lebanon in a Nail-Biter at FIBA World Cup 2023: A Statistical Deep Dive
0
Lebanon News
2019-02-28
Pierre el-Daher, the man who defeated the Lebanese Forces
Lebanon News
2019-02-28
Pierre el-Daher, the man who defeated the Lebanese Forces
Most read
d-none hideMe
24 hours
7 days
Month
1
Variety and Tech
05:15
Lebanese director Nadine Labaki to join Cannes Film Festival 2024 jury
Variety and Tech
05:15
Lebanese director Nadine Labaki to join Cannes Film Festival 2024 jury
2
News Bulletin Reports
12:28
Lebanon faces the imminent risk of being placed on the FATF grey list by late May
News Bulletin Reports
12:28
Lebanon faces the imminent risk of being placed on the FATF grey list by late May
3
Israel-Gaza War Updates
00:53
Hamas official to AFP: 'No major issues' in movement's comments on ceasefire proposal
Israel-Gaza War Updates
00:53
Hamas official to AFP: 'No major issues' in movement's comments on ceasefire proposal
4
Lebanon News
05:55
Fadlallah: Any external initiative aiming to relieve the enemy is doomed to fail
Lebanon News
05:55
Fadlallah: Any external initiative aiming to relieve the enemy is doomed to fail
5
Lebanon News
03:53
Bilal Abdallah to LBCI: No significant Western action to curb Israeli aggression in south Lebanon
Lebanon News
03:53
Bilal Abdallah to LBCI: No significant Western action to curb Israeli aggression in south Lebanon
6
Lebanon News
05:44
Jordan and France coordinate efforts for Gaza and Lebanon peace
Lebanon News
05:44
Jordan and France coordinate efforts for Gaza and Lebanon peace
7
Middle East News
07:10
Saudi FM: Bilateral agreements with US 'in the near future'
Middle East News
07:10
Saudi FM: Bilateral agreements with US 'in the near future'
8
Israel-Gaza War Updates
09:44
British Foreign Minister: Proposal submitted to Hamas includes ceasefire in Gaza for 40 days
Israel-Gaza War Updates
09:44
British Foreign Minister: Proposal submitted to Hamas includes ceasefire in Gaza for 40 days
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use
cookies
to make
your experience on this
website better.
Accept
Learn More