Chu: 'Sufficient spare capacity' for Iran oil sanctions

WASHINGTON - US Energy Secretary Steven Chu said on Thursday that a report on oil supplies and prices shows that global oil producers have enough spare production capacity to make up for Iranian exports curtailed by tough new sanctions.
Asked whether the United States can aggressively implement new sanctions in light of an Energy Information Administration report that showed tight world supplies and rising prices, Chu stressed the importance of using sanctions to ensure Iran does not develop nuclear weapons.
"There is spare capacity and we believe -- we'll see -- but I think there is sufficient spare capacity," Chu told reporters on Capitol Hill.
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