15 Feb 2012

Iran cuts oil export to 6 European states ‎


In response to the latest sanctions imposed by the EU against Iran's energy and banking sectors, the Islamic Republic has cut oil exports to six European countries.

Iran on Wednesday cut oil exports to six European countries including the Netherlands, Spain, Italy, France, Greece and Portugal.

Source

Iran 'halts oil exports to six EU states'


Iran has stopped crude oil exports to six European states in retaliation for the sanctions imposed by the European Union last month, state media report.
English-language Press TV said those affected were the Netherlands, Greece, France, Portugal, Spain and Italy.
Iran's oil minister had previously said it would cut exports to "some" states.
The EU agreed to stop importing Iranian oil from 1 July to put pressure on Tehran to stop enriching uranium, which can be used to make a nuclear warhead.
The embargo was phased so that member states that were relatively dependent on Iranian crude, notably Greece, had enough time to find alternative sources of supply.
The EU currently buys about 20% of Iran's oil exports, which account for a majority of government revenue. However, Iran's Oil Minister Rostam Qasemi said that a cut in exports to the region would not hurt Tehran.
Graphic image showing Iran's top oil export destinations
Brent crude oil prices were up $1 a barrel to $118.35 shortly after Wednesday's announcement by Iran.
The EU's embargo was agreed two months after the UN's International Atomic Energy Agency said it had information suggesting Iran had carried out tests "relevant to the development of a nuclear explosive device".
Tehran insists its nuclear programme is entirely peaceful.
The reports about the halt of Iranian oil exports to the six EU states came shortly before President Mahmoud Ahmadinejad was expected to unveil a new generation of domestically made uranium enrichment centrifuges.
State TV also said Mr Ahmadinejad would announce Iran had produced its own 20% uranium-enriched fuel rods for a research reactor in Tehran.