Reversing the oil weapon
In the wake of North Korea’s nuclear test, Ayatollah Khamenei reiterated Iran’s right to continue developing its own nuclear program. Here’s a radical idea. If the world was really interested in countering Tehran’s nuclear ambitions, maybe it should go after its sector most vulnerable to foreign investment: oil. Last week negotations between the Iranian oil ministry ...
In the wake of North Korea's nuclear test, Ayatollah Khamenei reiterated Iran's right to continue developing its own nuclear program. Here's a radical idea. If the world was really interested in countering Tehran's nuclear ambitions, maybe it should go after its sector most vulnerable to foreign investment: oil. Last week negotations between the Iranian oil ministry and the Japanese company Inpex to jointly develop the Azedegan oil field failed, prompting reports that Inpex would be limited to a 10 percent stake. Then, over the weekend, Iranian oil minister Kazem Vaziri-Hamaneh hinted that Inpex, which is nearly 30 percent owned by the Japanese government, might be permitted its original 75 pecent stake, under certain conditions. He placed the onus on the company to solve "its domestic problems."
In the wake of North Korea’s nuclear test, Ayatollah Khamenei reiterated Iran’s right to continue developing its own nuclear program. Here’s a radical idea. If the world was really interested in countering Tehran’s nuclear ambitions, maybe it should go after its sector most vulnerable to foreign investment: oil. Last week negotations between the Iranian oil ministry and the Japanese company Inpex to jointly develop the Azedegan oil field failed, prompting reports that Inpex would be limited to a 10 percent stake. Then, over the weekend, Iranian oil minister Kazem Vaziri-Hamaneh hinted that Inpex, which is nearly 30 percent owned by the Japanese government, might be permitted its original 75 pecent stake, under certain conditions. He placed the onus on the company to solve “its domestic problems.”
The thing is, Iran can’t increase (or perhaps even maintain) current levels of oil production without foreign assistance. Petro-dollars sustain the Iranian economy, nuclear development included. So call me crazy, but maybe the United States should call for a worldwide ban on all petroleum products from Iran. Sure, prices at the pump will skyrocket, but the Iranian nuclear program would be stopped cold. It may just be the shock the world needs to spur the serious development of alternative sources of energy.
More from Foreign Policy

Saudi-Iranian Détente Is a Wake-Up Call for America
The peace plan is a big deal—and it’s no accident that China brokered it.

The U.S.-Israel Relationship No Longer Makes Sense
If Israel and its supporters want the country to continue receiving U.S. largesse, they will need to come up with a new narrative.

Putin Is Trapped in the Sunk-Cost Fallacy of War
Moscow is grasping for meaning in a meaningless invasion.

How China’s Saudi-Iran Deal Can Serve U.S. Interests
And why there’s less to Beijing’s diplomatic breakthrough than meets the eye.