During a visit to Oman yesterday,the Iranian First Vice President,Mohammed Reza Rahimi stated that the EU oil Sanctions against Iran will not stand as it would backfire.
He continued on the issues of sanctions saying that the sanctions imposed were not on his country but on those who called for the sanctions to be placed which is going to have adverse effect on the European Union as Iran has got customers that are adequate so there cant be a problem with sales.
Oil prices fell on Monday as traders weighed concerns about difficulties negotiating a deal to restructure Greece’s debt against the risk of a rapid halt in Iran’s oil sales to Europe.
Iran obviously showed they are still in control as Crude oil prices eased after an expected Iranian parliamentary vote proposing the immediate suspension of crude exports to the European Union did not go ahead on Sunday but Oil Minister Ali al-Naimi also said that rising natural gas output means crude oil exports will not be affected by booming domestic demand for energy.
The possibility of turning the tables on the EU was raised by the lawmakers as it will implement its own embargo on Iranian oil by July as the West tightens sanctions on Iran because of Tehran’s nuclear programme.
OPEC’s Secretary General Abdullah al-Badri said the ban placed on Iran oil will add upward pressure to oil prices,althought there has not been shortages so far in the oil market,Saudi Arabia however said it could continue to meet oil market shortages because of its investments in maintaining production capacity.