Iran Halts Oil Exports To Spain

Iran says it has completely stopped oil exports to Spain and it will continue to cut off other European countries in the coming days.

The Mehr News Agency reported on Tuesday that, according to informed sources, the daily export of 200,000 barrels of oil to Spain has been halted by Iran, which is now considering a similar cut-off for Italy. Mehr reports that the National Oil Company of Iran has been in communication with a number of Italian oil refineries, informing them that Iran will only sign long-term agreements.

They have been warned that if they refuse to sign long-term agreements, Iran will stop exporting crude to Italy.

Iranian Oil Minister Rostam Ghassemi announced yesterday that Iran has stopped exporting oil to Greece.

The Associated Press has described Iran’s moves as a retaliation against the EU decision to impose an oil embargo on Iranian crude exports starting in July 2012.

The sanctions are in reaction to reports from the International Atomic Energy Agency that Iran may be developing nuclear weapons, although Iran insists that its nuclear program is peaceful.

Eighteen percent of Iranian oil exports are to EU member states, and Iran claims that it can easily replace its European customers.