A Review of the Nigerian Energy Industry

Iran to cut oil exports in favour of local refining

31 July 2012, Sweetcrude, TEHRAN – IRANIAN president Mahmoud Ahmadinejad has called for a halt to Iranian crude oil exports as he eyes a focus on refined products, according to a report.

The outspoken leader slammed political rivals for creating a false oil price as he pledged to forge ahead with Iran’s refinery plans.

The Middle Eastern hydrocarbons powerhouse is currently struggling under the weight of international sanctions on its oil exports.

On Tuesday Ahmadinejad called for crude oil exports to cease, blaming international political powers for manipulating oil prices to put pressure on producing nations, according to a report from state Islamic Republic News Agency, IRNA.

Ahmadinejad made the remarks at a ceremony to mark the opening of an oil refinery in Tehran.

IRNA quoted him as saying oil prices are determined “based on political situation instead of economic conditions”.

He continued: “If not so, the real price of oil should have been very much higher in the market than what it is presently.”

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