Iran warns Gulf states not to replace its oil

By REUTERS
January 15, 2012 09:26

Tehran's OPEC Governor cautions "Arab neighbors" not to cooperate with EU if oil embargo imposed.

1 minute read.



Iranian warship launches a missile

Iranian warship launches a missile 311 (R). (photo credit: REUTERS/IRIB via Reuters TV)

TEHRAN - Iran warned its Arab neighbors on Sunday not to raise crude output to replace Iranian oil in the event of an embargo by the European Union, Tehran's OPEC Governor Mohammad Ali Khatibi was quoted as saying.

"The consequences of this issue are unpredictable. Therefore, our Arab neighbor countries should not cooperate with these adventurers and should adopt wise policies," Khatibi said in an interview with the Sharq newspaper.

Be the first to know - Join our Facebook page.


RELATED:
China: US sanctions for Iran ties 'unreasonable'
Can EU oil sanctions create a turning point in Iran?
'Saudis have enough oil to make up for Iran'

European Union countries have agreed in principle to embargo imports of Iranian as part of the latest Western efforts to step up heat on Tehran.

They will look to other oil exporters to increase output to make up for the shortfall and Saudi Arabian Oil Minister Ali al-Naimi said on Saturday his country was ready to meet any increase in consumer countries' demand.

Iran, OPEC's second-largest oil producer after Saudi Arabia with output of about 3.5 million barrels per day, faces trade hurdles over its nuclear program, which the United States and its allies say is aimed at building bombs.

Iran says it needs nuclear technology to generate electricity.

EU countries have proposed "grace periods" on existing contracts of one to 12 months to allow companies to find alternative suppliers before implementing an embargo.

Iran has threatened to block the vital oil shipping route of the Strait of Hormuz in the Gulf if sanctions imposed on its oil exports.

Click here for full Jpost coverage of the 
Iranian threat


Related Content

Bushehr nuclear Iranian
August 5, 2014
Iran and the bomb: The future of negotiations

By YONAH JEREMY BOB

Israel Weather
  • 9 - 17
    Beer Sheva
    12 - 16
    Tel Aviv - Yafo
  • 6 - 12
    Jerusalem
    9 - 14
    Haifa
  • 11 - 22
    Elat
    12 - 16
    Tiberias