Iran is going on the offensive, responding to attempts at further international economic sanctions by introducing some sanctions of its own. Iran warned six European nations that it might just simply cut them off altogether, a move that would severely affect the price of oil worldwide. The threat was made separately to Italy, Spain, France, the Netherlands, Greece and Portugal, each in a separate meeting between the country’s ambassador and the Foreign Ministry in Tehran.
The European Union is one of Iran’s biggest oil customers, purchasing 18% of total Iranian oil exports in 2011. The biggest buyers are Italy, Spain, and France. Iranian officials say that if they cut off Iranian oil, the global price of oil could double or worse. Iran contends that it can simply find other customers for its’ oil, effectively punishing the European Union and world oil markets while not suffering at all themselves.
The threats are partly ironic by nature. Think about it. European nations are threatening more sanctions against buying Iranian oil as a punitive measure for Iran’s continuing disobedience with nuclear program advancements. Iran’s response is that it will simply cut off the oil proactively. So, Iran is trying to convince the European Union to not sponsor sanctions against its’ oil by threatening to cut off its’ oil.
Isn’t that kind of like a dog chasing its’ tail?