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News // Oil and gas worldwide

Growing energy demand «will force lifting of sanctions»

16 February 2001 , 12:31406
Economic sanctions against Iran, Libya and Iraq would have to be lifted so those countries could produce enough oil to help meet world energy demand over the next two decades, a new study released yesterday said.

"If global oil demand estimated for 2020 is reasonably correct and is to be satisfied, Iran, Iraq and Libya should by then be producing at their full potential if other supplies have not been developed," said the Center for Strategic and International Studies, a private think tank based in Washington D.C.

In its report, it warned against unilateral sanctions, arguing they seldom are successful in persuading other nations to alter their behaviour. The United States has imposed economic sanctions against all three countries, prohibiting or severely restricting almost all investment and trade with them. Relaxing sanctions would allow Iraq, Iran and Libya, which hold a large part of the world's oil reserves, to purchase spare parts and equipment and attract foreign investment for their oil sectors to boost production.


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