[QODLink]
Inside Story
Banning Iran's oil
Who stands to lose the most should the European Union go ahead with its decision to ban oil imports from Tehran?
Last Modified: 08 Jan 2012 13:11

The European Union (EU) has called it an "agreement in principle".

"Somehow the world seems to look at Iran as the bogeyman, as a threat. They have made the whole media as if Iran is ready with bombs to sell. It's not. It is just preparing and concentrating on fuels etc and there is [a] double standard. I see here an unfair campaign in the world against Iran."

- Manouchehr Takin, a senior energy analyst

Members of the European bloc have said they will ban all oil imports from Iran - a move quickly shrugged off by Tehran.

Iran exports around 18 per cent of its oil to the EU, the second-biggest destination after China.

Though it remains unclear when the ban would start, and with oil revenues making up 80 per cent of Iran's revenue, it is a move likely to hit the country's economy hard.

Can Iran make up for the losses from this vital sector? And what would this ban mean for oil supplies to the EU?

Inside Story, with presenter Hazem Sika, discusses with guests: Michael Mann, a spokesperson for EU foreign policy chief Catherine Ashton; Mark Fitzpatrick, the director of the Non-Proliferation and Disarmament Programme at the International Institute for Strategic Studies; and Manouchehr Takin, a senior energy analyst at the Centre for Global Energy Studies.

"The impact will be much greater on Iran's economy than Europe's because only three European countries have significant oil purchases from Iran, and they are all arranging for alternative supplies. For Iran, however, nobody's going to pick up the whole slack. This is the sanctions that, for the first time, will really bite the Iranian economy because it affects their main source of revenue"

- Mark Fitzpatrick, Non-Proliferation and Disarmament Programme

Source:
Al Jazeera
Topics in this article
People
Country
City
Organisation
Featured on Al Jazeera
An innovative rehabilitation programme offers Danish fighters in Syria an escape route and help without prosecution.
Street tension between radical Muslims and Holland's hard right rises, as Islamic State anxiety grows.
Take an immersive look at the challenges facing the war-torn country as US troops begin their withdrawal.
Ministers and MPs caught on camera sleeping through important speeches have sparked criticism that they are not working.
Featured
More than 400 gaming dens operate on native lands, but critics say social ills and inequality stack the deck.
The Palestinian president is expected to address the UN with a new proposal for the creation of a Palestinian state.
Nearly 1,200 aboriginal females have been killed or disappeared over 30 years with little justice served, critics say.
Ethnic violence has wracked China's restive Xinjiang region, leading to a tight government clampdown.
Malay artists revitalise the art of puppeteering by fusing tradition with modern characters such as Darth Vader.