(6 years, 8 months ago)
Lords ChamberMy Lords, the noble Lords, Lord Campbell-Savours and Lord Blunkett, can choose who is going to speak next.
(6 years, 8 months ago)
Lords ChamberMy Lords, as my noble friend the Minister says, the task now is to persuade the American Administration to work on a new replacement agreement which embraces issues such as ballistic missiles and other destabilising and sinister activities by Iran. We all understand that. When we get on that path—as I hope we do—will he encourage his colleagues to point out two things to the Americans? First, if sanctions are reintroduced on a larger scale they will be immediately undermined by the Chinese, who already supply substantial amounts to Iran. They will soon supply substantial amounts of arms as well, quite aside from the wider dangers that the noble Lord, Lord West, has pointed out. Secondly, under American law the American Government are constrained from taking early and immediate actions and measures which lead to a substantial destabilisation of oil supplies in the oil market. This would certainly happen if Iran had to cut its exports from 2.9 million barrels a day down to fewer than 1 million barrels a day, and the result in oil markets would be chaos.
(7 years, 1 month ago)
Lords ChamberMy Lords, as the passage of business has travelled fairly quickly, I think it only fair to speakers in the next debate if we adjourn for 10 minutes until 7 pm.