Iran Says Tougher EU Sanctions Will Endanger Global Oil Supply

Iranian Oil Minister Rostam Qasemi said further European Union sanctions on his country will affect global “energy supply security” and crude prices, according to a report on the Shana website.

Exports to the U.K. and France have stopped, although shipments continue to other European countries, he said on the Oil Ministry website. The EU plans to put sanctions on Iran’s energy industry into effect on July 1.

Qasemi said he hoped for “good news” from a meeting to discuss Iran’s alleged efforts to develop nuclear weapons, a claim it denies.

The Baghdad meeting on May 23 will include negotiators from Iran as well as the so-called P5+1 group of five permanent United Nations Security Council members --Britain, China, France, Russia and the U.S. -- plus Germany. The talks follow discussions held in Istanbul on April 14.

To contact the reporter on this story: Nayla Razzouk in Dubai at nrazzouk2@bloomberg.net

To contact the editor responsible for this story: Stephen Voss on sev@bloomberg.net