Brussels, 16/02/2012 (Agence Europe) - Under Iran's threat that it will review its sales of oil to European countries downward, although not interrupting sales for now, in response to the gradual embargo on its oil exports decided by the EU27 end January, the EU is playing down the impact that such a decision by Iran could have.
Speaking through its foreign minister, Iran once again warned, on 15 February, that it may immediately break off its oil exports to Europe after the EU's decision end January to place an embargo on crude oil imports to the EU from Iran. It nonetheless explained that suspension of its oil exports had not happened as yet for humanitarian reasons and the severe cold spell. Separate meetings have been convened with the ambassadors of six member states - Spain, France, Greece, Italy, Portugal and the Netherlands. At those meetings, Teheran said it intended to review its oil exports to them.
Prices per barrel experienced a brief upsurge after Iran's announcement, thus increasing concern about the EU's energy supply security, despite assurances made by Saudi Arabia, the leading exporter, about its capacity to offset the lack of Iranian crude. However, in Brussels, the European Commission immediately sought to be reassuring. If Iran were to carry out its threat, the fall in exports of crude oil from Iran would hardly affect European importers, that were intending to change supplier in any case, the spokesperson for Energy Commissioner Günther Oettinger, Marlene Holzner, explained. Oil may be obtained on the international markets and Saudi Arabia has said it will step up its production, she added, explaining that the countries concerned would turn to other suppliers. According to Portugal's foreign minister, Paulo Portas, Portugal has already reduced its dependence on oil from Iran from 6% to 0%.
Iran, the second largest OPEC country, sells 20% of its oil to the EU, largely to Spain, Italy and Greece. (EH/transl.jl)