Iran will cut oil exports to six more European Union nations if they remainhostile. Deputy Oil Minister Ahmad Qalebani, who heads Iran's state oil company, said that the exports to Spain, Greece, Italy, Portugal, Germany and the Netherlands would be stopped. Qalebani also said that any country wanting Iranian oil will be required to sign long term contracts. The oil ministry announced it had halted exportsto France and Britain. Meanwhile, crude oil prices hit nine-month high in the international market yesterday after Iran halted sales to France and Britain.The European Union has shrugged off Iran's threat to cut oil to hostile EUnations, saying the bloc was capable of coping with any halt in supplies. EU policy chief Catherine Ashton's spokesman Sebastien Brabant said that in terms of immediate security of stocks, the EU is well stocked with oil and petroleum products to face apotential disruption of supplies.
News On AIR | February 21, 2012 11:03 AM
Iran threatens to cut oil exports to more EU Nations