TEHRAN (Reuters) - Iran has stopped selling crude to British and French companies, the oil ministry said on Sunday, in a retaliatory measure against fresh EU sanctions on the Islamic state's lifeblood, oil.
The European Union in January decided to stop importing crude from Iran from July 1 over its disputed nuclear program, which the West says is aimed at building bombs. Iran denies this.
Iran's oil minister said on February 4 that the Islamic state would cut its oil exports to "some" European countries.
The European Commission said last week that the bloc would not be short of oil if Iran stopped crude exports, as they have enough in stock to meet their needs for around 120 days.
Brent crude oil prices were up $1 a barrel to $118.35 shortly after Iran's state media announced last week that Tehran had cut oil exports to six European states. The report was denied shortly afterwards by Iranian officials.
EU's new sanctions includes a range of extra restrictions on Iran that went well beyond U.N. sanctions agreed last month and included a ban on dealing with Iranian banks and insurance companies and steps to prevent investment in Tehran's lucrative oil and gas sector, including refining.....snip~
Looks like we will break 4 dollar gas this year. France and the Brits said they had stock for a 120 days looking at the July date. Iran just up'ed the pressure back on the EU. As we knew that the Saud stated they would make up for the offset. The point is they cannot with Iran doing something like this in return.
Also I would note before Bush left office and we were allegedly shown the Brink of the Abyss. That the the Saudi's did this then too. Which led to many of the economic problems that hit the globe. As the Saud had produced a heavy type oil that no one could use or be refined down to gasoline grade oil. The stuff they had put was so heavy that even diesal was having problems with it.
Now image that at the dawning of the info about how the global markets were going to fall. Once again there was hardly any focus by the MSM on the issue and only afterwards by like 2 yrs did they released any type of info that I had seen on it. Think the Saudis wanted any attention on their major screw up?
This comes at the time that the Iranians are saying yeah, sure lets talk now. After the assassination attempts and Israel releasing statements that the Iranians already have 4 bombs.