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Iran warns of reaction to tough oil sanctions

Posted on Nov 05, 10:00PM | IANS

Iran has warned of reaction to the West's possible tougher sanctions on the country's oil industry, Xinhua reported.

Iranian Oil Minister Rostam Qasemi Monday said the Islamic republic would react to the West's possible tougher sanctions on the country's oil industry, reported IRNA news agency.

"The lack of Iran's oil in international markets would lead to an increase in its global price," Qasemi said, adding that in that case people in consuming countries will suffer.

Iran will reconsider its oil exports, implying that the country may stop or reduce its crude exports to the international market, the oil minister said.

Qasemi pointed out that despite the tough sanctions by the West, Iran's oil industry has "successfully" overcome problems and made remarkable progress.

He said that his country had plans to increase the production of alternative energy like solar energy, wind energy and bio-fuels to reduce the usage of its own oil and gas reserves for internal purposes.

The European Union (EU) decided last month to enforce fresh sanctions against Iran, including a ban on the import of natural gas from Iran to the EU. It also agreed to broaden the existing export ban on key equipment and entities for Iranian oil, gas and petrochemical industries.

The EU imposed an embargo on Iran's oil export July 1.