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Seyyed Emad Hosseini:

Iran oil embargo causes European crisis

Service : Politic
Tehran, Dec 10 (ICANA) – Member of Iran Majlis (parliament) Energy Committee Seyyed Emad Hosseini says recent sanctions enforced by the European Union (EU) against Iran's oil sector will cripple Europe's economy.
Sunday, December 11, 2011 2:26:21 PM
Iran oil embargo causes European crisis

Hosseini further stated that Iran's oil export to EU member states accounts for less than 18 percent of the country's total exports, Fars News Agency reported.

The lawmaker added that cutting off the daily export of 450,000 barrels of Iran's oil to Europe will cripple Greece, Spain and Italy in the first step.

“Greece, Spain and Italy are the major importers of Iran's oil and any embargo imposed on the Islamic Republic's oil sector will cause energy crisis in these countries and cripple their economy,” he said.

“Many countries are willing to buy Iran's oil and not selling oil to Europe will cause no problem for the Islamic Republic's economy.”

He went on to say that “if the importers of Iran's oil decide to choose another country for importing oil, they should change all their refinery equipments to match the API (American Petroleum Institute) gravity of the newly imported oil.”

The Iranian official concluded that setting aside the amount of oil that is exported to Europe will benefit Iran considerably in the near future.

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