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Iran’s Oil Ministry Denies Oil Cuts to Six EU States

A panic broke up earlier on Wednesday, when several international media reported that Iran has stopped its crude oil exports to six European countries, namely Greece, France, Portugal, Spain and the Netherlands.  Iran’s decision is a retaliation for the sanctions imposed by the European Union last month. Iran’s parliament had taken the relevant decicion but it looks as if it has not be implemented yet.

English-language Press TV said those affected were the Netherlands, Greece, France, Portugal, Spain and Italy

Iran’s Oil Ministry denied state media reports on the Islamic state stopping its crude exports to six European countries on Wednesday. Iran’s English language Press TV said Tehran has stopped exporting oil to France, Portugal, Italy, Greece, Netherlands and Spain.

“We deny this report…If such a decision is made, it will be announced by Iran’s Supreme National Security Council,” a spokesman for the ministry said.

The EU’s 27 member states have decided to stop importing crude from Iran from July 1 over its disputed nuclear program, which the West says is aimed at building bombs. Iran denies this. (IBNLive, also Reuters)

Reuters reported from Athens, that

“Top Greek refiner Hellenic Petroleum said on Wednesday it had not been informed of a cut in Iranian oil exports to Greece but that it was confident of finding alternative sources of fuel if needed. Also the country’s second-biggest refiner ,Motor Oil, said there would be no problem to seek alternative.

Debt-laden Greece relies heavily on Iranian imports, because alternative suppliers have been curbing exports and demanding steeper credit guarantees on fears the country might default. According to data from EU statistical agency Eurostat, Greece imported 158,000 barrels of Iranian crude per day in the third quarter, which is equivalent to 53.1 percent of its total imports.”

Further Reading BBC: Iran halts oil exports to six EU states

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One comment

  1. Are you sure there was panic when the report first came out? I meant, isn’t this what one would expect with the sanction?

    Now this is not to say Iran is not the bigger chicken here. It is. It has more problems, or as many, than the rest of the world.