Iran To React To Further Tough Sanctions By Reconsidering Oil Exports: Oil Min.

Tehran, Nov 5, IRNA – Iran would react to West's possible tougher sanctions to be imposed on the country through reconsidering its oil exports, said Oil Minister Rostam Qasemi on Monday. “The lack of Iran’s oil in international markets would lead to increase in its global price", said the minister according to a statement issued by the ministry's Information and Press Center. He stressed that lack of Iran's oil in world markets would create a situation in which this would be "the people who should pay the cost of measures which have been taken by their governments.” Stressing that Tehran has no desire to experience such a situation, Qasemi said, absence of Iran’s oil in the world markets would damage the supply and demand balance and would lead to insecurity and oil shortage in the global markets. The minister said despite tough sanctions imposed on the country’s oil industry by the West, the industry has successfully overcome problems and made remarkable progresses./end