Iran retaliates: Cuts off oil sales to UK, France

The move has been expected for weeks so the governments of France and Great Britain have had a little time to plan. More to the point, Iran continues to bluster and bluff as their economy tanks and the world starts choosing sides in what is shaping up to be an inevitable conflict. CNBC: "Exporting crude to British and French companies has been stopped ... we will sell our oil to new customers," spokesman Alireza Nikzad was quoted as saying by the ministry of petroleum website. The European Union in January decided to stop importing crude from Iran from July 1 over its disputed nuclear program, which the West says is aimed at building bombs. Iran denies this. Iran's oil minister said on Feb. 4 that the Islamic state would cut its oil exports to "some" European countries. The European Commission said last week that the bloc would not be short of oil if Iran stopped crude exports, as they have enough in stock to meet their needs for around 120 days. Industry sources told...(Read Full Post)