Iran Warns Gulf Countries Not to Replace Its Oil

Iran tells its neighbors not to cooperate with Western efforts to sanction its oil exports; Saudi Arabia has said it is ready to meet any increase in consumer demand for oil.

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Iran's Gulf Arab neighbors should not raise their production to replace Iranian oil if the
European Union goes ahead with a ban on Iranian crude imports, Iran's OPEC governor said on Sunday.

The EU has agreed in principle to ban imports of Iranian oil, while the United States has pressured Asian buyers to reduce imports to starve Iran of revenue for its disputed nuclear program.

Asian leaders from some of Iran's biggest oil sales markets are already touring the Middle East to secure supplies, as tension over Iran's nuclear plans builds, while European buyers
may rely more heavily on Arab oil producers should an EU ban come into effect.

Iran OPEC Governor Mohammad Ali Khatibi said Iran would see any move to fill in for Iranian crude as Gulf Arab oil producers siding with Iran's western opponents.

"If the oil producing Gulf states give the green light to replacing Iran's oil these countries would be the main culprits for whatever happens in the region - including the Strait of
Hormuz," Khatibi told the Sharq daily newspaper.

"Our Arab neighbor countries should not cooperate with these adventurers... These measures will not be perceived as friendly."

EU countries have proposed "grace periods" on existing contracts of one to 12 months to allow companies to find alternative suppliers before implementing an embargo.

Khatibi, a key part of Iran's OPEC negotiating team, said there was a good chance that the EU would not go through with its threat to ban Iranian crude imports if Gulf Arab producers
refused to back it.

Saudi Arabian Oil Minister Ali al-Naimi said on Saturday the world's biggest oil exporter was ready and able to meet any increase in demand, without making any reference to sanctions on OPEC rival Iran, while Chinese Premier Wen Jiabao visited the kingdom to boost cooperation with China's biggest oil supplier.

China is also Iran's biggest oil buyer, importing over half a million barrels of Iranian crude a day to fuel its economic growth, making China wary of upsetting Iran and an opponent
of sanctions against it.

Oil facility in Saudi ArabiaCredit: AP



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