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Iran Ready To Halt Oil Exports To Europe

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Iran is prepared to cut off oil exports to Europe, the executive director of Iran’s National Oil Company announced today.

Ahmadi Ghalehbani told the Mehr News Agency in Khuzestan: “In the current situation, with the good relations we have with other countries in the world, we have found other purchasers for our oil exports and we are prepared to cut off all oil exports to Europe right away.”

EU countries announced an embargo on Iranian oil last week. Effective immediately, European countries will not enter into any new purchase agreements for Iranian petroleum products, and existing agreements must be terminated by July 1.

European contracts account for 18 percent of Iran’s oil exports, and Ghalebani claimed Iran could easily find alternative customers.

Iran’s main market for its petroleum exports is Asia, and the U.S. has been unable to convince countries like China and India to curb their appetite for Iranian oil.

A number of Iranian MP have called for a motion to immediately cut off oil exports to Europe.

The head of Iran’s National Oil Company rejected speculation that EU sanctions will force Iran to sell its crude at a discounted price. To the contrary, he maintained that EU sanctions will only drive the price of oil higher.

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One thought on “Iran Ready To Halt Oil Exports To Europe

  • January 31, 2012 at 10:31 am
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    Europe is following the lead of USA and the result is a totally bankrupt policy that will hurt themselves more than it will Iran.

    As Iran, inspite of the impressions given by their President’s over active mouth, has done so far nothing illegal with their nuclear energy and research projects the West needs to produce evidence or cease and desist their anti Iran poilicies.

    Indeed, present day Iran considers the persuit of the “Bomb” to be economically unwise but if the USA keeps to their current ideas they might decide, as did inpoverished N. Korea, that it is a necessity.

    Reply

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