Wednesday, February 29, 2012

Oil prices up on Iran action

Wednesday, February 29, 2012
PARIS, -oil prices rose Monday as Iran crude oil exports to Great Britain and France before the tightening of European economic sanctions over its nuclear program stopped.

Iran, Islamic Republic News Agency quoted an oil Ministry spokesman Sunday saying crude exports of the country to British and French companies were interrupted.

"We have our own customers and replaced British and French companies with other companies", said Ministry spokesman Ali Reza Nikzad Rahbar, add, that only 18 percent of Iranian oil exports before the cuts were exported to Europe.

The New York Times said that Iran's decision may be only symbolic as the United Kingdom and France depend not much of its oil. The two countries have already strongly against Iran's nuclear enrichment and also were solid against the Syrian Government crackdown on the democracy movement. Syria and the Iran are close allies.

The New York Times said that Iran, reluctant may be related to severe punishment, but similar steps against the major European customers. The report quoted an official at the Iranian oil Ministry, that Iran is looking for long-term contracts with other European Nations. European major customers include Greece, Italy and Spain.

A British official was quoted: "we are not about always exercised" Iranian decision as his oil amounts to less than 1% of British imports.

Jean-Louis Schilansky, President of the French Union of petroleum industries, was quoted telling France's Le Monde, that "the Iranian decision has no practical, immediate consequences" for France, since 2011 "virtually stopped importing Iranian oil."

But for the Iran, 3.5 million barrels per day, produce and export 2.5 million barrels daily oil sales are vital for Forex earn, the report said. More than 50 per cent of the national budget are financed oil revenues.

Iran claims is its nuclear program for peaceful purposes, but Western Nations say that it is for the development of nuclear weapons.

The Los Angeles Times said that probably Israeli or US strike is growing speculation about one on Iranian nuclear sites.

British Foreign Secretary William Hague and Chairman of the US Joint Chiefs of staff General Martin Dempsey in separate interviews Sunday, but trying to reduce tensions, the report said.

"None of us wants to have Iran nuclear weapons." [But] I don't think that it would be a wise thing at that moment... for Israel, a military attack on the Iran start, "Hague told the BBC." "I think that Israel should be a real chance to the approach like everyone else in the world, that we have adopted very serious economic sanctions and diplomatic pressure and the willingness, negotiations with Iran."

Dempsey told CNN "Fareed Zakaria GPS" Iran of nuclear weapons pursues nor could be held.

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