Iran,member of the oil cartel OPEC has objected to the move by certain members of the oil exporting cartel to raise output....
As per reports and information from our sources,Iran,prominent member of the oil cartel Organization of Petroleum Exporting Countries and long-time adversary of the US, has objected to the move by certain members of the oil exporting cartel to raise output in order to clam markets and ease oil prices.After the Libyan conflict, some OPEC members went beyond the unity policy (of the organization) and demanded to increase supply.
``At present, Iran exports some 450,000 barrels of crude oil to Europe, accounting for 18 percent of total oil exports to the continent. Greece, Italy and Spain are the major importers of Iranian crude in the Europe. So, imposing embargoes on Iranian oil will cripple the three countries,'' Seyyed Emad Hosseini told the Fars news agency.If the European countries decide to replace Iranian oil, they have to change all their refining installations and facilities to meet specified API degree, he added.The United States, Britain and Canada announced new measures against Iran's energy and financial sectors on November 21, and France proposed new sanctions, including the freezing of Central Bank of Iran assets and suspending the purchase of Iranian oil.