Sunday, February 5, 2012

Iran says oil exports to some European countries will 'certainly be cut' (but won't say which ones)

Iran has vowed to cut oil exports to some European countries in retaliation over the bloc's recent decision to ban oil imports from the Islamic Republic.

It has not named the countries which will be affected, but officials insist it is a decision made in response to the EU deciding to stop importing Iranian crude oil as of July 1.

Iran's Oil Minister Rostam Qasemi said today: 'Our oil exports will certainly be cut to some European countries.... We will decide about other European countries later'.

He said the move would not harm Iran's economy as Europe is not a big importer of Iran's oil, and said the nation would make-up the shortfall from other markets.

The EU imports about 20 per cent of Iran's oil exports. Read More