Now let's see the country with the largest population on the planet increases the amount of oil it imports (11% up in the first 6 months of 2008 compared to first six months of 2007). Similar size of increase experienced in India the country with the second largest population on the planet and that increase in demand is not regarded as being significant enough to affect the price of oil.

The USA talking about imposing sanctions on Iran however somehow is a significant factor. Haven't the UN, the USA and the EU been talking about imposing sanctions on Iran for years now?.