Iran Oil Ban In Europe May Come Sooner
Iran's parliament has pending legislation that calls for the government to halt oil exports to Europe until the European Union (EU) cancels its ban on the Iranian crude, according a lawmaker cited by Fars news agency. In addition, the pending bill would require Iran to embargo imports from countries participating in the EU ban, according to Nasser Sodani, the deputy head of the Iranian parliament's energy commission cited by the state-run Fars news aregny. Iran's lawmakers planned to debate the bill on Sunday, January 27th, 2012.
This ban is the result of the EU's decision last week to stop importing Iranian oil from July 1, 2012. The ban was suppose to raise pressure on Iran over its nuclear program. The EU postponed its ban to give member countries, including Greece and Italy, time to find alternative supplies of oil.
Mohammad Reza Bahonar reportedly said to the government-run Mehr news agency on Saturday, that Europe can “deal with an increase in oil prices and pay the cost right now.”
Iran is the second-largest producer in OPEC (Organization of Petroleum Exporting Countries) after Saudi Arabia and pumped 3.575 million barrels a day of crude in December, according to Bloomberg News. Iran expects the cost of oil could reach $120 to $150 per barrel.