President Obama is moving ahead with economic sanctions aimed at crippling the amount of oil that the government of Iran can export to other nations.
The White House issued a memo on Monday clarifying that intention.
In a statement, White House Press Secretary Jay Carney explained “there currently appears to be sufficient supply of non-Iranian oil to permit foreign countries to significantly reduce their imports of Iranian oil.”
The spokesman added that “tightness in the oil market relaxed somewhat in March and April of 2012 compared to January and February” due to “production increases in other countries and weaker demand growth overall.”
The new sanctions are scheduled to take effect this summer. It is being reported that India, South Korea and a small group of other nations will be exempt from the sanctions.