Iran Cuts Off Oil Exports to British and French Companies
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- Published on Monday, 20 February 2012 11:23
PNN
Iranian Oil Ministry spokesman, Alireza Nikzad-Rahbar, declared on Sunday that "crude oil exports to British and French companies have been halted." Nikzad-Rahbar also said that the Islamic Republic will sell its oil to other customers who had already been chosen.
At the beginning of this month, Iran threatened to reduce oil exports to some European countries, after leaders of the European Union decided to completely stop buying oil from Iran starting in July 2012. This decision was made at a summit held in Brussels on January 23rd.
Greece, Italy and Spain – which are suffering from the global debt crisis and experiencing some of Europe's most difficult economic situations – consume 68% of Iran's oil exports to the EU. Yet, EU officials announced last week, the EU will not be affected by the severance of Iranian oil exports because it has sufficient oil reserves.
