Iran halts Spain oil export, mulls supply cut to Germany, Italy

[40oz]

Iran halts Spain oil export, mulls supply cut to Germany, Italy

Tehran has halted oil export to Spain and mulls cutting oil supply to Germany and Italy.

Tue Apr 10, 2012 12:51PM GMT

LAST UPDATE: Tehran has cut oil supply to Spain after halting crude export to Greece as part of its countersanctions against the European Union (EU), mulling oil supply cuts to Germany and Italy now, Press TV reports.

Informed sources who asked not to be named, confirmed on Tuesday that the measure is part of Iran's countersanctions in response to the EU’s earlier sanctions against the country’s oil and financial sectors.

Earlier on Tuesday, Iran’s Oil Minister Rostam Qasemi said the country had stopped exporting crude to Greece, after having already halted crude sales to two Greek firms.

According to Press TV, Iran terminated oil sales to two Greek firms, major refiner Hellenic Petroleum and Motor Oil Hellas, on April 5, over their failure to pay for their crude purchases from Tehran.

The EU foreign ministers met in Brussels on January 23 to approve new unilateral sanctions against Iran aimed at preventing member countries from importing Iranian crude or doing business with its central bank.

Following the session, EU foreign policy chief, Catherine Ashton, told reporters that the measure was meant to make Iran get back to its nuclear negotiations with the P5+1 comprising the US, the UK, France, China, Russia, and Germany.

Subsequent to the EU measure, Iran announced on February 15 that it had decided to cut oil exports to six European countries including the Netherlands, Spain, Italy, France, Greece and Portugal.

On February 19, Iran’s Oil Ministry announced it had cut oil exports to British and French firms in line with the decision to end crude exports to six European states.

Iran's decision to impose countersanctions on the European countries has led to a hike in global oil prices, pushing gasoline prices in the US and the UK to record highs. The rising gasoline prices have become a major issue in the US presidential election campaign.

On March 23, President Barack Obama said tension with Iran had increased oil prices by USD 20-30 per barrel in international markets.

The US and EU accuse Iran of pursuing a military program under the cover of its nuclear energy work despite the fact that the International Atomic Energy Agency (IAEA) has found no evidence to this end.

Tehran refutes their claims arguing that as a committed member of the IAEA and a signatory to the Non-Proliferation Treaty it is entitled to peaceful uses of the nuclear energy.

[detroitjazzman]

Saudi Arabia has already indicated they are prepared to step up productions. Might have short term effect, but there is somewhat of an excess on the supply side. I could be wrong

[crusher]

BOMB THEM NOW....HIT THEM WHILE THE IRONS HOT.

DOOOO IT, KABOOM

[cooked]

Wait for it now. Here soon will come the threats on the strait of Hurmoz. These guys are idiots. I don't support genicide but wtf is in these peoples heads.

[40oz]

BOMB THEM NOW....HIT THEM WHILE THE IRONS HOT.

DOOOO IT, KABOOM

Wow!!!! So Iran is accused of conspiring to manufacture wmds, there is no proof of any such accusations, they are slapped with crippling sanctions, they finally enact a "counter-sanction", and you say THAT?

Freakin' neocons will destroy the world.

[crusher]

They will make WMD and they will use them if left alone. Thats why there is sanctions against them. Its goody two shoes that go up in arms that will give them the chance to do it. And if you think they wouldn't use the weapons or give them to other fanatical groups to use, you need to pull your head out of the sand.

[40oz]

They will make WMD and they will use them if left alone. Thats why there is sanctions against them. Its goody two shoes that go up in arms that will give them the chance to do it. And if you think they wouldn't use the weapons or give them to other fanatical groups to use, you need to pull your head out of the sand.

Do you have anything that can back up your accusations or is this more Faux News crap that you heard? Wake up and take a look around you.