Iran warns of crude export halt if sanctions tighten

24 October 2012

“The lack of Iranian oil in the market would drastically add to the price,” says Qasemi

Iran plans to suspend all crude exports if US and European sanctions against its energy and financial sectors are tightened, the Islamic Republic’s oil minister Rostem Qasemi warned.

“If you continue to add to the sanctions, we will stop our oil exports to the world,” Qasemi said at the World Energy Forum in Dubai on 23 October. “The lack of Iranian oil in the market would drastically add to the price.”

Iranian crude exports are estimated to have dropped by over 1 million barrels a day (b/d) since an EU embargo on tankers carrying Iranian crude was enforced on 1 October, according to the International Energy Agency (IEA).

The Opec Basket Price has risen 14 per cent to $107.13 a barrel on 22 October, up from $94.07 a barrel on 1 July.

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