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01/30/12

Iran will soon cut oil to certain EU countries: Oil Minister

Source: Tehran Times, Tehran

Oil Minister Rostam Qasemi has announced that Iran will cut oil exports to certain European countries in the near future in response to the recent oil embargo on the country.

 
Iran's Oil Ministry

The European Union formally imposed an oil embargo on Iran and agreed to a freeze on the assets of the Central Bank of Iran on Monday, but existing contracts will be honored until July 1.

Speaking to reporters on Sunday, Qasemi said, "According to the Oil Ministry's future plans, we will cut our exports to certain countries."

"Less than 20 percent of Iran's oil exports are destined for Europe," he said, adding that the sanctions will take their toll on the European people and will not create a problem for Iran's oil exports even if exports to Europe are halted.

The Iranian parliament is discussing a plan calling for a halt to Iran's oil exports to the European countries that voted for sanctions on its oil industry.

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