2/20/2012

Iran Cuts Oil To British and French, Crude Jumps To $105/Barrel

Posted by Brian


View of Iranian Oil Ministry Building in downtown Tehran
Iran stops oil sales to British and French firms
(Reuters) - Iran has stopped selling crude to British and French companies, the oil ministry said on Sunday, in a retaliatory measure against fresh EU sanctions on the Islamic state's lifeblood, oil.

"Exporting crude to British and French companies has been stopped ... we will sell our oil to new customers," spokesman Alireza Nikzad was quoted as saying by the Ministry of Petroleum website.

The European Union in January decided to stop importing crude from Iran from July 1 over its disputed nuclear program, which the West says is aimed at building bombs. Iran denies this.
Read More at Reuters
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