Sunday Jan 15, 201207:04 AM GMT
'Oil ban, blow to Europe ailing economy'
Sat Jan 14, 2012 3:49PM
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A senior financial expert has underlined the global need to import the Iranian oil, saying the ban on the country's energy sector would inflict heavy damages on the European crisis-ridden economies, Press TV reports.

“The last thing that many countries need is a further upswing in oil prices, which may damage the economic situation,” Marco Pietropoli, an economist with RM Wealth Management told Press TV on Friday.

The remarks came in reaction to the EU foreign ministers meeting, which is expected to be held on January 23 to discuss the proposed embargo on Iran's oil exports.

EU states have already agreed on the general outlines of Iran's oil embargo as the latest in a series of measures taken by the Western states to increase pressure on Tehran over its nuclear program. However, EU members have failed to reach a final agreement on details such as the exact timing of the sanctions.

The prominent financial expert added that with regard to the ailing economies of some European states “… it [sanction] is going to be difficult to implement and …it's going to be difficult to gather the support to make it effective.”

Pietropoli further added that “what we [European nations] don't want to do is to escalate the situation” as the best method “is to find some way of working things out with Iran for mutual interest.”

“The world needs Iranian oil, there's no way that you can turn that around, there isn't a lot of spare oil in the world and that's what everybody needs to come to terms with,” he stated.

The European measures against Iran's oil industry will complement the US sanctions announced on New Year's Eve that aim to make it impossible for most refineries to buy the Iranian crude.

On Saturday, December 31, 2011, US President Barack Obama signed into law fresh economic sanctions against Iran's Central Bank requiring foreign financial firms to make a choice between doing business with Iran's Central Bank and oil sector or with the US financial sector.

Iran's military and civilian officials have threatened that if an oil embargo is actually imposed on the country, Iran will respond by closing the strategic Strait of Hormuz, making it impossible for other oil producing countries in the Persian Gulf to export oil as well.

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