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Iran may stop oil sales if sanctions intensify: minister

Mehr News Agency | October 24, 2012

TEHRAN – Iran has threatened it may stop oil exports if the West tightens sanctions against Tehran.

“If sanctions intensify we will stop exporting oil,” Iranian Oil Minister Rostam Qasemi told reporters in Dubai on Tuesday.

Qasemi said Iran had a “Plan B” contingency strategy to survive without oil revenues.

“We have prepared a plan to run the country without any oil revenues,” Qasemi said. “So far to date we haven’t had any serious problems, but if the sanctions were to be renewed we would go for ‘Plan B’.

“If you continue to add to the sanctions we (will) cut our oil exports to the world… We are hopeful that this doesn’t happen, because citizens will suffer. We don’t want to see European and U.S. citizens suffer,” he said.

The minister added the loss of Iranian oil on the market would drive oil prices up.

October 24, 2012 Posted by | Economics, Wars for Israel | , , | Comments Off on Iran may stop oil sales if sanctions intensify: minister