The Iranian government has threatened to cut crude oil shipments to Europe ahead of the July 1st deadline adopted by the European Union. The government’s threat is based on cutting exports, not closing the Strait of Hormuz.
Iranian president Mahmoud Ahmadinejad said:
It is the West that needs Iran and the Iranian nation will not lose from the sanctions. … There was a time when 90 percent of our trade was with the Europeans. It has now dropped to 10 percent. We didn’t call for this. Cut it (trade) and let’s see who will incur the loss.
The International Energy Agency has said that the sanctions proposed to bring Iran back to the bargaining table over its nuclear energy program could lift the price of crude to $140/barrel.
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