Subscribe free to our newsletters via your
. 24/7 Space News .

Oil embargo to cause 'unstable' market: Iranian minister
by Staff Writers
Vienna (AFP) June 13, 2012

A looming oil embargo on Iran, related to its controversial nuclear programme, will destabilise the global oil market and spark higher prices, Iranian Oil Minister Rostam Qasemi warned Wednesday in Vienna.

"Unfortunately the issue of imposing sanctions... is being considered by Europe," Qasemi said on the eve of a meeting of the OPEC cartel to discuss oil output levels.

"This politically-motivated approach will damage the stability of both the oil market and the world economy," he added.

"Unilaterally imposing sanctions as a means to attain a political objective are imposing constraints on the oil industry."

"This will result in an unstable oil market and ultimately lead to a sharp swing in the price of oil."

He added later however that "the time (for the embargo) has not arrived yet."

"We wish this will not happen. It will lead to higher prices."

The European Union is preparing to impose an oil embargo on Iran on July 1, unless diplomatic talks over its disputed nuclear programme see progress.

Western countries and Israel believe Iran is trying to develop a nuclear bomb under cover of its civilian programme but Tehran insists its purpose is merely peaceful.

Iran's OPEC partners, gathered in Vienna for an oil conference ahead of their ministerial meeting, also spoke out against the pending EU sanctions Wednesday.

"I don't want to see any of my member countries under embargo, I am really against this 100 percent," OPEC secretary-general Abdullah El-Badri said.

He also told journalists that he hoped this embargo will be "lifted somehow, by discussion and by... peaceful solutions."

In recent months, the United States and ally Israel -- the sole if undeclared nuclear weapons state in the Middle East -- have threatened military strikes against the Islamic Republic if diplomacy fails.

Venezuelan Energy Minister Rafael Ramirez also rejected the sanctions.

"We denounce the embargo again Iran," he told reporters.

"The EU cannot promote a dialogue with (oil) producers and on the other hand impose sanctions."

"The sanctions aren't good for anyone. Restricting access to oil resources and those who have them only complicates the situation at a time when the EU's economic position is perilous."

Iran, the second-biggest producer in the Organization of Petroleum Exporting Countries (OPEC), is already under four sets of sanctions from the United Nations Security Council over its nuclear drive.

New talks with the so-called P5+1 powers -- the United States, China, Russia, Britain and France, plus Germany -- are set for June 18-19 in Moscow after previous attempts in Istanbul and Baghdad achieved little.


Related Links
Powering The World in the 21st Century at

Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

US military to help Philippines monitor coastal waters
Washington (AFP) June 12, 2012
The US military said Tuesday it planned to help the Philippines monitor its coastal waters as Manila faces an escalating dispute with China over territorial claims. The Pentagon revised earlier comments and said there was no firm plan to deliver a land-based radar to the Philippines, but that a radar could be part of future assistance. "We are in the initial planning stages of assisting ... read more

UA Lunar-Mining Team Wins National Contest

NASA Lunar Spacecraft Complete Prime Mission Ahead of Schedule

NASA Offers Guidelines To Protect Historic Sites On The Moon

Neil Armstrong gives rare interview - to accountant

Impact atlas catalogs over 635,000 Martian craters

e2v imaging sensors launched into space on NASA mission to Mars

NASA Mars Rover Team Aims for Landing Closer to Prime Science Site

NASA's Mars rover zeroes in on August landing

The pressure is on for aquanauts

Virgin Galactic Opens New Office

US scientists host 'bake sale for NASA'

XCOR Appoints Space Expedition Corp As General Sales Agent For Space Tourism Flights

Shenzhou-9 full-system drill a success

Welcome Aboard Tiangong

Shenzhou-9 May Face Thunder, High Temps

Shenzhou 9 crews named in Chinese media

Varied Views from the ISS

Strange Geometry - Yes, It's All About the Math

Capillarity in Space - Then and Now, 1962-2012

Dragon on board

NuSTAR Arrives at Island Launch Site

Another Ariane 5 begins its initial build-up at the Spaceport

Boeing Receives DARPA Airborne Satellite Launch Study Contract

Sea Launch Delivers the Intelsat 19 Spacecraft into Orbit

Tiny Planet-Finding Mirrors Borrow from Webb Telescope Playbook

Astronomers Probe 'Evaporating' Planet Around Nearby Star with Hobby-Eberly Telescope

Venus transit may boost hunt for other worlds

NSO To Use Venus Transit To Fine-Tune Search For Other Worlds

New national supercomputer to perform astronomical feats

More people staying connected on vacation

Nano-engineered synthetic diamond sets a new quantum information record

Spin structure reveals key to new forms of digital storage

The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement