TEHRAN (Commodity Online): Iran has said that it will not sell its oil to Britain or France or any company that will divert oil imports from Iran to these two countries. This comes after increasing financial sanction by the European Union on Iran.
The Iranian Students News Agency quotes deputy oil minister Ahmad Qalebani as saying that "Iran will not sell its oil to any company that gives its oil to Britain or France”
Meanwhile IRNA reported that Oil minister Rostam Ghasemi is mulling on whether to cut off supplies to certain European firms. He also said that if other countries do not announce their decision on oil contracts with Iran, they may also face cuts.
The EU ban on Iran oil imports will take effect on July 01, 2012. European P&I clubs will also be barred from providing insurance to ships carrying Iran's oil. This is expected to negatively affect Asian nations who rely heavily on Iranian oil. China, India and Japan are Iran's three top oil markets.
