Iran cuts oil exports to Germany

Iran cuts oil exports to Germany
April 11, 2012 - 18:26 AMT

PanARMENIAN.Net - Iran has cut oil exports to Germany one day after halting crude sales to Spain as part of its countersanctions against the European Union (EU), Iranian Press TV reported.

Tehran has already stopped oil exports to France, Britain, and Greece and is now considering halting crude sales to Italy.

Iran’s decision to cut crude exports to six European countries - including the Netherlands, Spain, Italy, France, Greece and Portugal - was made after the EU foreign ministers agreed on January 23 to ban oil imports from Iran and freeze the assets of the country’s Central Bank across the EU.

On February 19, Iran’s Oil Ministry cut oil exports to British and French firms.

Tehran’s decision to impose countersanctions on European countries has led to a hike in global oil prices, pushing gasoline prices in the U.S. and the UK to record highs.

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