Iran to impose more oil bans

Iran will probably cut oil supply to Netherlands, Czech Republic and Belgium, managing director of National Iranian Oil Company Ahmad Qalebani said, Mehr reported.

The Iranian Oil Ministry has given ultimatums to certain European countries including Italy, Portugal, the Netherlands, Germany, Greece, Spain, Belgium and the Czech Republic setting new conditions for buying the Iranian oil.

Iran's main conditions are that contracts for buying oil should be 3-5 years and that payments should be made on time. Semi-official reports indicate that if Belgium, the Czech Republic and the Netherlands do not meet Iran's preconditions the Oil Ministry will soon stop selling crude to them.

The EU formally imposed an oil embargo on Iran and agreed to a freeze on the assets of the Iranian Central Bank on January 23, but existing contracts will be honored until July 1. The EU imports about 20 percent of Iranian oil which primarily is supplied to the Union's southern countries - Italy, Spain and Greece.

Iran already banned crude oil supply to France and the UK 5 months before the European Union's last oil embargo resolution.


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