Thursday, July 24, 2014


Iran

Tehran Confident It Can Circumvent EU Oil Embargo

Iranian Oil Minister Rostam QasemiIranian Oil Minister Rostam Qasemi
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Iranian Oil Minister Rostam Qasemi
Iranian Oil Minister Rostam Qasemi
The Iranian Oil Ministry says it has developed plans designed to ensure that tightened sanctions against Iranian oil exports will be ineffective.

While making the announcement on July 14, Oil Minister Rostam Qasemi did not elaborate on his plans, which come two weeks after an EU oil embargo against Iran went into effect.

Earlier, Iranian officials said they were organizing a consortium of private companies in order to circumvent the embargo.

Also on July 14, the naval commander of Iran's Islamic Revolutionary Guards Corps, Ali Fadavi, said Iran could prevent even "a single drop of oil" from passing through the Strait of Hormuz in the event of a confrontation. 

Iran is under increasing pressure over its nuclear program.

The United States and other countries suspect it is intended to develop nuclear weapons, while Tehran maintains it is exclusively peaceful.

Based on reporting by Reuters and AP
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