EU: Iran’s cut of oil supplies not to affect European countries
Azerbaijan, Baku, April 12 / Trend V. Zhavoronkova, S. Isayev/
Iran's cut of oil supplies to European countries will not affect the European Union (EU), a source in the Energy Department of the European Commission told Trend on Thursday.
"The continuity of supplies of crude oil and petroleum products to European consumers should not be affected, even in case of an abrupt halt of all imports from Iran," the source quoted the EC's official position, commenting Iran's yesterday's cut of oil supplies to Germany.
The source added that the EU is well stocked with oil and petroleum products to face a potential disruption of supplies.
Yesterday, Iran's Press TV reported that Islamic Republic has cut oil supplies to Germany. According to the U.S. Energy Information Administration Statistics, Germany imported about 18 000 barrels of oil per day from Iran during the second half of 2011.
According to the source, current stocks amount to 136 million tons, equivalent to 120 days of consumption (well above the 90-day minimum) or 4.5 years of EU imports from Iran.
The Islamic Republic has already announced that it has cut oil export to British and France companies, a step that taken in retaliation of imposed sanction over Iranian oil import by EU on Jan. 23.
Embargo on Iranian oil import by EU members will take effect on July 1. Last week Iran said that it banned oil sell to Greece and Spain the Iran's major European customers.
Iran's major oil importers in Asia including Japan, China and South Korea have increased Iranian oil import by 22 percent altogether since beginning the year.