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| Iranian Oil Minister, Rostam Qasemi |
Iran, the world's fourth-largest oil reserves and once the second-biggest producer in the Organisation of Petroleum Exporting Countries (OPEC) will suspend all oil exports, pushing global crude prices higher, if the U.S. and Europe tighten sanctions further on the OPEC member’s economy, Oil Minister Rostam Qasemi warned.
“If you continue to add to the sanctions, we will stop our oil exports to the world,” Reuters quoted him to have said at a news conference in Dubai. “The lack of Iranian oil in the market would drastically add to the price.”
Iran wants “reasonable” prices for crude and does not seek an increase, he said earlier today. Iran’s oil exports have dwindled in the face of U.S. and EU sanctions on its energy and financial industries.
The International Energy agency, which advises the world’s biggest industrialised economies, reported that Iranian shipments slumped to 860,000 barrels a day in September from 1.1 million barrels in August. About 40 percent of Iran’s exports last month were destined for China, according to tanker-tracking data compiled by Bloomberg.
Source: Thisdaylive
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