Iran oil embargo harms world market

TEHRAN,Dec.18 (MNA)--An international research institute says the West's plans to impose an oil embargo on Iran will harm the world market. According to IHS Cambridge Energy Research Associate, the Western countries' plans to enforce sanctions on Iran's oil sector could drive up oil price and wreak havoc on the world market. According to the international institute, Iran's oil revenues will hit record of more than 100 billion dollars this year, and the result of any possible sanction is a higher profit for Tehran, because it will sell the oil to someone else. Iranian officials have repeatedly described the sanctions against the Islamic Republic as futile and ineffective. “Western sanctions were designed to stop Iran's progress but they failed,” Kazem Jalali, a member of Iran's Majlis (parliament) told . He added that, “The sanctions have become a prestige for those who cannot get along with Iran such as US, Britain and France. They use sanctions and resolutions to shield their international prestige, otherwise they know they cannot weigh down a nations will power.” On November 21, the United States, Britain and Canada imposed unilateral sanctions on Iran's energy and financial sectors after the International Atomic Energy Agency (IAEA) released a report on Tehran's nuclear program on November 8, which claimed Iran's nuclear program had a military aspect. The US, Israel and their allies accuse Iran of pursuing a military nuclear program and have used this allegation as a pretext to convince the UN Security Council to impose four rounds of sanctions on the country. Tehran has categorically refuted Western allegations, saying that as a signatory to the Nuclear Non-Proliferation Treaty (NPT), it has the right to acquire and develop atomic technology for peaceful purposes.