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West must withdraw oil ban plan: Iran

Dubai, December 28, 2011

Iran's Opec governor told Reuters on Wednesday the West ought to withdraw plans to impose sanctions on Iran's oil, a move that would hurt the market and prompt Tehran to retaliate by blocking Gulf Opec crude exports going through the Strait of Hormuz.

Iran warned on Tuesday it would stop the flow of oil through the Strait of Hormuz if sanctions from the West were imposed on its crude exports.

"If sanctions are imposed they would create an abnormal situation and at that point anything can happen, and if Hormuz is closed no oil from the Gulf area could be exported ...it's a bad situation for everyone," Mohammad Ali Khatibi told Reuters in a telephone interview.

On Tuesday, industry sources told Reuters that Saudi Arabia and other Gulf Opec states were ready to fill any supply gap if sancations are imposed on Iran.

"At the moment everybody is satisfied with the oil market the way it is, so why do some countries want to change this situation?" he added.

Tension had increased between Iran and the West after EU foreign ministers decided three weeks ago to tighten sanctions on the world's No. 5 crude exporter over what the UN nuclear watchdog said was an attempt to design an atomic bomb, but left open the idea of an embargo on Iranian oil.

"Iran has put a lot of effort into making sure that the market is well balanced especially during the last Opec meeting, so it's not logical for some countries to change this situation," said Khatibi. - Reuters




Tags: Iran | Opec | Nuclear | West | sanction | oil ban |

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