Iran to halt oil exports if hit with more sanctions

October 23, 2012 21:03

Iran will stop exporting oil if Western powers slap any more economic sanctions against the Islamic republic over its disputed nuclear programme, Oil Minister Rostam Qasemi said on today.

"If you continue to add to the sanctions, we will stop our oil exports to the world," Qasemi said on the sidelines of an energy conference in Dubai, warning the "lack of Iranian oil in the market would drastically add to the price."

Western states have imposed since the beginning of the year an oil embargo on Iran, ending European purchases of Iranian crude oil while exports to Tehran's Asian customers fell significantly, between 10 to 30 per cent.

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