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  • 7/15/2012

Iran bans detrimental to oil markets

iran’s salman oilfield in the persian gulf

The Italian envoy to Iran says the US-engineered oil embargo against Tehran will take its toll on the oil-consuming countries’ economy and create tension in the global oil markets.

 Alberto Bradanini told IRNA on Saturday Iran's oil embargoes will definitely affect Italy, given its current unfavorable economic conditions.

Stating that Italy is one of the main buyers of the Iranian crude oil, the Italian diplomat reiterated that the sanctions will not affect Tehran, however, they would have negative consequences on the international oil markets.

According to Italy’s oil refining industry body Unione Petrolifera (UP), the European country raised crude imports from Iran to 425,200 tons in March from 401,600 tons in February, indicating a 6 percent increase.

Meanwhile, Brazilian Ambassador to Tehran Antonio Luis Espinola Salgado and Vietnamese envoy to Iran Tran Trong Khanh expressed their countries’ opposition to the West’s ‘unilateral’ sanctions against the Islamic Republic, saying the embargoes will harm the stability of the world oil markets.

On January 23, under pressure from the United States, the European Union (EU) approved new sanctions on Iran's oil and financial sectors. The sanctions are meant to prevent EU member states from buying Iranian crude or doing business with its central bank. The sanctions went into force as of July 1.

Source: irib.ir

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