'Iranian oil embargo is economic suicide for Europe'

Imposing sanctions on Iran's oil industry would be a suicide for the European economy, said Iran's representative to the Organisation of the Petroleum Exporting Countries.

"European states are already grappling with an economic crisis," Mohammad-Ali Khatibi said, adding that any kind of sanction against Iran's oil industry will worsen the situation for them, according to the Mehr news agency.

Given the economic crisis in the Eurozone, the imposition of any sanctions on Iran's oil will push the European countries into a deeper crisis," he said, referring to the European debt crisis.

"The U.S. and some European countries must avoid adventurism in the global oil markets," Mr Khatibi warned.

"If Arab neighbours compensate for a looming EU ban on Iranian imports, we would not consider these actions to be friendly," Mr Khatibi was quoted as saying by the Sharq newspaper on Sunday.

"They will be held responsible for what happens in that case," he said, adding ominously: "One cannot predict the consequences.

"If the oil producing Persian Gulf states give the green light to replacing Iran's oil, these countries would be the main culprits for whatever happens in the region, including the Strait of Hormuz," Mr Khatibi told the Sharq daily newspaper.

"Our Arab neighbours should not cooperate with these adventurers. These measures will not be perceived as friendly."

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