Iran to cut oil exports to 'hostile' European states
Iran is planning to cut oil exports to hostile European states, to pre-empt an EU embargo due to come into force on July 1, but putting European people under pressure in winter is not the country's goal, said oil minister Rostam Ghasemi.
``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.