Iran cuts Oil Export to UK, France

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The move was confirmed by the country’s Oil Ministry, with the spokesman saying that Iran will be “selling its oil to new customers”. The statement has been posted on the Ministry's shana.ir website. It appears to be a response to the European Union decision to ban Iranian oil imports, as part of ongoing sanctions designed to force the Islamic Republic to give up its controversial nuclear program. Earlier this month, Iran's Oil Minister said that the country would cut its oil exports to "some" European countries.


"We have our own customers … The replacements for these companies have been considered by Iran", Nikzad said. News of Iran cutting supplies to six EU member states caused a lot of concern in Europe – and in the world’s markets, with Brent oil price jumping above $120 a barrel following the reports. The EU oil embargo was phased so member states that were relatively dependent on Iranian crude – like Italy, Spain, and Greece – had enough time to find alternative sources. The bloc currently buys about 18% of Iran's oil exports. Iran is the world’s 4th largest oil supplier, with China, Japan, and India its largest buyers.

(RT)

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