15 Jan '12, 8am

Iran warns Gulf countries not to replace its oil

TEHRAN (REUTERS) - Iran warned its Arab neighbours on Sunday not to raise crude output to replace Iranian oil in the event of an embargo by the European Union (EU), Tehran's Opec Governor Mohammad Ali Khatibi was quoted as saying. 'The consequences of this issue are unpredictable. Therefore, our Arab neighbour countries should not cooperate with these adventurers and should adopt wise policies,' Mr Khatibi said in an interview with the Sharq newspaper. European Union countries have agreed in principle to embargo imports of Iranian as part of the latest Western efforts to step up heat on Tehran. They will look to other oil exporters to increase output to make up for the shortfall and Saudi Arabian Oil Minister Ali al-Naimi said on Saturday his country was ready to meet any increase in consumer countries' demand.

Full article: http://www.straitstimes.com/BreakingNews/World/Story/STIS...

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