Oil minister: Iran to disappoint West's sanctions drive
Azerbaijan, Baku, July 14/Trend M. Moezzi
Oil Minister Rostam Ghasemic predicted that oil sanctions, which he called the West's final weapon, will be an ineffective disappointment.
Iran's geopolitical position, its borders with 15 countries, its population and its hydrocarbon reserves have led the West toward sanctions designed to hurt the public, Rostam said, Shana news agency reports.
He predicted the effort will fail.
Ghasemi predicted the oil industry will be able to meet the goals set out for it in Iran's Fifth Five Year Socio-economic plan (2011-2015).
Iran's economy is under pressure of international sanctions imposed against the country's oil industry and its Central Bank. July 1 marked the start of the European Union's embargo against Iran's oil, adding even more stress to the country's economy. The sanctions are part of an effort by the U.S. and to make Iran become more transparent about its nuclear development programme. Iran says its programme is peaceful and civilian in nature, while the West disagrees.