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Iran Warns of Cutting Off Oil Exports

Oil Drums
Flickr User Bradley Gordon

Iran’s official news agency is quoting a top official as saying Iran will close the Strait of Hormuz, cutting off oil exports, if the West imposes sanctions on Iran’s oil shipments.

According to the IRNA report Tuesday, Vice President Mohamed Reza Rahimi said Iran does not want hostilities but charged that the West continues its plots against Iran.

Rahimi has no major role in Iran’s foreign or military policy.

Iran is conducting a 10-day naval maneuver in the area the of the Strait of Hormuz, where about 40 percent of the world’s oil supply passes. Closing the strait would have immense world economic impact.

The West is considering limiting Iran’s oil trade over its disputed nuclear program. Some 80 percent of Iran’s foreign revenue comes from oil exports.

 

(Copyright 2011 by The Associated Press.  All Rights Reserved.)

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