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Iran Says Tougher EU Sanctions Endanger Global Oil Supply

April 19 (Bloomberg) -- 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 state-run news service.

Exports to the U.K. and France have stopped, although shipments continue to other European countries, he said, according to Shana, an oil ministry news website. The EU plans to put sanctions on Iran’s energy industry into effect 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.

Qasemi said Iran, as an OPEC member, is entitled to object to excess production by Saudi Arabia. The Organization of Petroleum Exporting Countries agreed at its last meeting in December to set a limit of 30 million barrels a day for its entire 12 members. “Some countries including Saudi Arabia do not observe these regulations,” Qasemi said, according to Shana.

OPEC ministers meet next on June 14 in Vienna.

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

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