Saturday Jul 07, 201204:51 PM GMT
'Non-European markets buy all Iran oil'
Abadan oil refinery in southwest Iran
Abadan oil refinery in southwest Iran
Thu Jan 26, 2012 10:53AM
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A member of Iran's Majlis Energy Committee says the new EU sanctions against Iran fail to exert influence on the sales of the country's oil as Asian and African markets are able to buy the entire Iranian oil exports.


“The US, Europe and other states such as Saudi Arabia have adopted a forward escape strategy by sanctions and comments in order to deal with their domestic affairs,” Hassan Ghafourifard said on Wednesday.

He also noted that Europe has never been a large market for Iran's crude and most of the Iranian oil output is exported to non-European countries.

The EU slapped new sanctions against Iran in a meeting of the bloc's foreign ministers on January 23.

The 27-member bloc agreed to ban oil imports as well as petroleum products from the major OPEC member state and freeze the assets of the Iranian Central Bank across the EU.

The European Union also imposed a ban on the sale of gold, diamonds, and other precious metals to Iran.

Ghafourifard also slammed Riyadh for claiming to offset Iranian oil in the market, adding that in accordance with the Organization of Petroleum Exporting Countries (OPEC) rules, the kingdom does not reserve the right to up its oil output.

He called on the OPEC member states to adopt a decision about Saudi Arabia's move as the country's measure will “undermine” the organization.

Earlier this month, Saudi Arabian oil minister Ali al-Naimi said Riyadh is capable of increasing its oil output as the world price is rising after the EU agreed on imposing an embargo on Iran's oil.

Tehran has warned that the embargo will have negative consequences such as a sharp increase in the price of oil.

MR/GHN/MA

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