by Staff Writers
Tehran (AFP) Dec 11, 2011
The European Union will not impose fresh sanctions on Iran's oil sector because of the disruption it would cause to the global market, Oil Minister Rostam Qasemi predicted on Sunday.
"Iran is currently among the main oil producers in the world and without Iran the global oil market would be disrupted," Mehr news agency quoted Qasemi as saying during a Tehran media conference.
European sanctions "would bring about a drastic hike in global oil prices," he said.
"Iran has no problem in replacing oil (sales) to Europe. But there will be no sanctions on Iran's Europe-bound oil," Qasemi said.
The European Union on Friday said it was mulling imposing new sanctions on Iran from next month if Tehran did not cooperate with the international community on its controversial nuclear programme.
Some EU states are calling for an embargo on Iranian oil, prompting Iranian lawmakers to warn that such a move would send world oil prices soaring to $250 a barrel from their current level of around $100.
The European Union has already stiffened sanctions against Iran this month by blacklisting 180 Iranian individuals and firms.
The measure added to four sets of UN sanctions on Iran and to unilateral Western sanctions, more of which were unveiled last month by the United States, Britain and Canada.
The international pressure to try to halt Iran's nuclear activities stem from a fear by Western nations that Tehran is seeking atomic weapons. Iran has repeatedly denied the charge.
Rising tensions over Iran -- OPEC's second-largest producer after Saudi Arabia -- are already having an impact on the oil market, shoring up prices despite a dimming global economic outlook.
OPEC is to hold a meeting on Wednesday to examine the market pressures and determine whether to change or maintain production quotas.
Sales to EU member states -- particularly Italy, Spain and Greece -- accounted for 18 percent of Iranian oil exports last year, with the remainder of clients mostly concentrated in Asia, including main buyers China, India, Japan and South Korea.
Powering The World in the 21st Century at Energy-Daily.com
Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.
One dead as Chinese boat capsizes near Philippines
Manila (AFP) Dec 11, 2011
A Chinese-registered vessel has capsized in rough seas off the northern Philippines, leaving one crew member dead, police said Sunday. Police said there were no immediate details as to the size and origin of the vessel but added that one Chinese crew member was taken to hospital while another drowned following the incident late Saturday. National police spokesman Agrimero Cruz said 12 ot ... read more
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2012 - Space Media Network. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|