Iran said Sunday it had not blocked an oil shipment to
Greece, denying earlier reports it had done so in retaliation to the EU
phasing in a ban on its key export, the Iranian Student's News Agency
(ISNA) reported.
"There has been no change in Iran's oil shipment to Greece or any
other country. No changes in our shipment schedule," said Pirouz
Mousavi, managing director of the Iranian Oil Terminals Co.
Earlier, Iran's semi-official Fars news agency said Tehran had
refused shipment of 500,000 destined for Greek refiner Hellenic
Petroleum, but a Hellenic official denied it.
"That has nothing to do with us ... all supplies from Iran have been processed normally," the official told Reuters.
The European Union decided in January to stop importing Iranian
crude as of July 1, the latest in a series of international sanctions
aimed at forcing Tehran to halt its sensitive nuclear work, as demanded
by the U.N. Security Council.
Iran stopped selling crude to British and French companies last
week after the oil minister said Tehran would cut oil exports to "some"
European countries.
Brent crude surged to over $125 a barrel Friday amid fears of an
escalation of tensions after the U.N. nuclear agency issued a report
showing Tehran had increased its most sensitive nuclear work which the
West says is part of a weapons programme, a charge Tehran denies.
The price of oil has increased over the fear of tightening
supplies, including a threat from Tehran to close a vital oil shipping
route, the Strait of Hormuz, if attacked.
Israel and the United States have not ruled out military action if
diplomacy fails to stop Iran getting nuclear weapons. Iran says its
nuclear programme is for peaceful purposes and has promised a "painful"
response to any attack.
The world's top oil exporter Saudi Arabia said it would compensate
for any oil shortage in the market and the European Commission has said
that the bloc would not be short of oil if Iran stopped crude exports,
as it has enough in stock to meet its needs for around 120 days.
While Europe would suffer more directly from the lack of Iranian
crude than the United States, which does not buy oil from Tehran, the
knock on effect of a disruption would drive up prices across the globe.
Greece is considered more vulnerable than most as it is suffering a
major economic crisis and has been reliant on Iran for almost one
quarter of its oil imports.
Traders told Reuters on February 24 that Swiss-based Totsa, the
trading arm of French oil major Total, and trading house Mercuria were
in separate negotiations with Hellenic to help it replace Iranian crude.
Glencore, a leading Swiss-based commodities trader and one of the
few that conducted business with Greece during the debt crisis, may also
boost supplies, trading sources have said.
Hellenic would pay back the traders with refined products, which could then be sold in Greece or abroad. (Reuters)
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