January 27, 2012

Iran Set to Turn Off Oil Supply to Europe

The European Union embargo on Iranian oil will only come into effect in six months, but the leadership in Tehran wants to act first: Exports to Europe are set to be halted immediately. It is a move which could mean added difficulties for struggling economies in southern Europe.

It's a move which has tit-for-tat written all over it, but one which could nonetheless have a serious impact: The Iranian government wants to present a bill to parliament this weekend calling for an immediate halt to oil deliveries to Europe. Read more.

Spiegel

Read also,
'Iran oil war will bring EU to knees' - PressTV
Algeria says no plan to offset drop in Iran oil exports - Reuters

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