Iran Set to Turn Off Oil Supply to Europe

Spiegel:

Iran is the fifth largest producers of oil in the world.Zoom

AP

Iran is the fifth largest producers of oil in the world.

The European Union embargo on Iranian oil will only come into effect in six months, but the leadership in Tehran wants to act first: Exports to Europe are set to be halted immediately. It is a move which could mean added difficulties for struggling economies in southern Europe.

It’s a move which has tit-for-tat written all over it, but one which could nonetheless have a serious impact: The Iranian government wants to present a bill to parliament this weekend calling for an immediate halt to oil deliveries to Europe. The move, with most reports citing the Iranian news agency Mehr, has come about in response to the EU agreement to impose sanctions against Iran, which were announced earlier this week.

The sanctions banned any new contracts for buying oil from Iran, but allowed existing deals to continue until July in order to give countries time to find other sources. But that process is now at risk after the latest move from Tehran, a step the Iranian government had already threatened.

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About Eeyore

Canadian artist and counter-jihad and freedom of speech activist as well as devout Schrödinger's catholic

One Reply to “Iran Set to Turn Off Oil Supply to Europe”

  1. The embargo won’t hurt Iran as much as it will Europe, and it will help Russia since they will be the ones the Europeans go to for more oil.

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