Iran Calls EU Oil Embargo Threat ‘Economic Suicide’
“With economic crisis in euro zone area any sanctions on Iran’s oil will put European countries in a deeper crisis,” Mohammad-Ali Khatibi told the Mehr News Agency.
Khatibi warned that the U.S. and some European countries must avoid adventurism in the global oil market.
Iran, OPEC’s second biggest producer after Saudi Arabia, exports an average 2.2-2.3 million barrels per day, of which roughly 18-20 percent goes to the European market.
EU member states have agreed in principle to impose an embargo on Iranian oil exports to Europe but it is likely to have a much bigger impact on the EU member states that depend most on Iranian oil as a source of their imports, in particular Spain, Italy and Greece.
Some EU countries reportedly have been seeking a grace period of around six months for the embargo to give them time to source alternative supplies.
Iran has also warned Persian Gulf Arab states not to make up for any shortfall in its oil exports under new U.S. and EU sanctions.