TEHRAN (Commodity Online): Iran has once again issued a strong statement justifying its right to develop nuclear technology while also asking the European Union (EU) to rethink its decision to ban oil imports from Iran starting July 01, 2012.
"We will not abandon our just nuclear course, even if we cannot sell one drop of oil”.Iran's oil minister Rostam Qasemi was quoted by the IRNA news agency.
The oil minister also asked the EU to reconsider its decision to ban oil imports from Iran. "Unfortunately the EU has succumbed to America's pressure. I hope they would review their decision on sanctioning Iran's oil exports. The international crude market will experience turmoil in the absence of Iranian oil with unforeseen consequences on oil prices”, he said.
The oil minister added that the loss of EU market will not affect Iran and expects Asian demand to compensate for the loss of the EU market
Qasemi's statements follow the country's Supreme leader Ayatollah Ali Khamenei threat to retaliate in the event of any ban on its oil. ."In response to threats of oil embargo and war, we have our own threats which will be implemented at the right time, if necessary”, Ayatollah had said in a televised speech.
