Oral question asked in the House of Commons, by James Morris (Conservative). It was answered on Tuesday, 17 April 2012 on behalf of the Foreign and Commonwealth Office.

Iran

Question: EU member states make up four of the world's 10 biggest oil importing states and OPEC has calculated that removing Iranian oil from the market would result in the loss of about 10 billion barrels a day. To maintain biting sanctions on the Iranian regime, alternative and adequate supplies of oil need to be secured. What steps are the Government taking with their EU counterparts to achieve that?

Answer: The ban on importing Iranian oil comes into force on 1 July, although most European countries have already stopped such purchases. During March, Iranian exports of crude oil reportedly fell by 14%—in just one month. That is putting considerable pressure on Iran. I am not aware so far of any difficulties among EU countries in replacing those supplies. Other countries, such as Saudi Arabia, are increasing their oil production and that is very helpful.

Secondary information