BREAKING NEWS

Report: Iran to cut oil exports to 'some' countries soon

By REUTERS

JANUARY 29, 2012 19:01

TEHRAN - Iran's oil minister said on Sunday the Islamic state would soon stop exporting crude to "some" countries, the state news agency IRNA reported.

"Soon we will cut exporting oil to some countries," Rostam Qasemi was quoted by IRNA as saying.

Benchmark Brent crude prices rose to around $111.50 a barrel on Friday on expectations Iran's parliament would vote to halt exports to the European Union as early as next week, in retaliation to EU plans to stop all Iranian crude imports by July amid deepening tension over Tehran's nuclear program.

Iran's parliament on Sunday postponed the debate over the bill.

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