EU Oil Embargo on Iran Raises Controversy

Brussels, Jan 10. -The European Union (EU) decided to tighten its sanctions on Iran by imposing an oil embargo, a measure that has generated a controversy within the bloc.Although the measure is to be enforce on January 30, other countries' rejection may delay its implementation for 12 months at least, said diplomatic sources.Co-sponsor France buys 3 percent of its oil from Iran, however, neighboring Italy buys 13 percent, Spain 15 percent and Greece 30 percent.

A analyst with the National Center for Scientific Research, Bernard Hourcade, from France, said the effects of the embargo will be light, both on Iran and the EU, since 18 percent of Iran's exports go to the entire European continent, but just 5-6 percent as an average reach the EU.

Hourcade thinks that Iran will reorient its sales to Asia, namely China and India, if it loses the European market.

Iranian Foreign Minister Ali Akbar Salehi recently said that such Western hostilities do not upset his country. We have survived the storm over the past 32 years and we will survive the new sanctions the EU announced, says Salehi.

Iran is the second largest oil producer within OPEC with a daily output of some 2.6 million barrels. (Prensa Latina)