Top official: Banning Iranian oil sale to produce changes on global market

Iran Materials 5 January 2012 18:03 (UTC +04:00)

Azerbaijan, Baku, Jan. 5 / Trend M.Moezzi

If [new EU] sanctions go into effect a lot will happen on the global oil market, said Mohsen Ghamsari, director of international affairs at the National Iranian Oil Company (NICO).

Iran is not selling oil on credit or at a reduced price to any country and orders for Iran's oil have increased, Mehr news agency quoted the Iranian deputy oil minister as saying.

The new round of sanctions against Iran's oil has not been finally approved. At this time, there is greater demand for Iran's oil, he added.

The worldwide economic crisis has resulted in decrease in oil prices in countries whose economies are struggling and Iran's oil is sold at market prices, Ghamsai said.

European Union governments have reached a preliminary agreement to ban imports of Iranian crude to the EU but have yet to decide when such an embargo would be put in place, EU diplomats said on Wednesday, Reuters reported.