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Iran Warns Of Oil Export Halt If Hit With More Sanctions

October 23, 2012

Iran's oil minister, Rostam Qasemi, says Tehran will stop exporting oil if Western powers impose any more economic sanctions against that country over its disputed nuclear program.

Qasemi was speaking on the sidelines of an energy conference in Dubai on October 23, warning that the "lack of Iranian oil in the market would drastically add to the price."

Western states imposed an oil embargo on Iran at the beginning of the year, ending European purchases of Iranian crude oil while exports to Tehran's Asian customers fell between 10 to 30 percent.

Earlier on October 23, Qasemi was quoted by Iranian news agency ISNA as saying Iran produces 4 million barrels of oil daily.

Estimates by the Organization of the Petroleum Exporting Countries (OPEC) put Iran's daily production at 2.7 million barrels.

Based on reporting by Reuters and AFP

Source: http://www.rferl.org/content/iran-minister-warns-oil-export-halt-if-hit-with-more-sanctions/24748760.html

Copyright (c) 2012. RFE/RL, Inc. Reprinted with the permission of Radio Free Europe/Radio Liberty, 1201 Connecticut Ave., N.W. Washington DC 20036.

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