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Iran stops oil sales to British, French companies

Sunday, February 19, 2012 - 01:27

Feb. 19 - Iran has stopped selling crude to British and French companies in a retaliatory measure against fresh EU sanctions. Deborah Lutterbeck reports.

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Iran state television announces Sunday that Tehran has stopped selling crude to British and French companies in retaliation against fresh EU sanctions on the Islamic state's lifeblood, oil. In January the European Union decided to stop importing crude from Iran from July 1 over its disputed nuclear program, which the West says is aimed at building bombs but Iran denies. On February 4, Iran's oil minister warned that the Islamic state would cut its oil exports to "some" European countries. Last week the European Commission said the bloc would not be short of oil if Iran stopped crude exports. The EU maintains they have enough in stock to meet their needs for about 120 days. Among European nations, debt-ridden Greece is most exposed to Iranian oil disruption. Saudi Arabia says it is prepared to supply extra oil either by topping up existing term contracts or by making rare spot market sales. Deborah Lutterbeck, Reuters

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Iran stops oil sales to British, French companies

Sunday, February 19, 2012 - 01:27