Iran says it won't cut oil flow over nuclear standoff: Knowledge Driven Revolution

Related - Iran Threatens To Squeeze Oil Flow

[KDR: This sounds painfully similar to the governments in the West. Where did you get such baseless ridiculous ideas? ... um ... you.]

Iran's oil minister on Wednesday said suggestions that his country might use oil as an economic weapon are baseless, reaffirming Tehran's commitment to supplying crude markets despite its standoff with the West over its nuclear program.

Kazem Vaziri Hamaneh told an OPEC conference in Vienna that Iran — the 11-country cartel's No. 2 producer behind Saudi Arabia — kept its crude exports flowing even during its long war with Iraq in the 1980s and would not use its oil as a political lever now.

"OPEC and Iran are committed to ensuring oil supplies," he said during a panel discussion.

Iran, the world's fourth-largest producer, pumps roughly four million barrels a day.

Concerns that Iran's showdown with Western powers over its nuclear activities would lead to oil disruptions had helped drive crude prices to record heights this past summer. Since July, prices have fallen by nearly 20 per cent amid expectations that Tehran could reach a diplomatic solution and avoid the potential of punishing UN sanctions.

Hamaneh described Iran's aim to develop its nuclear sector as a natural step toward meeting its energy needs.

"The country has no choice but to utilize all of its energy resources, including nuclear," he said.

Iran insists its nuclear program is peaceful and geared solely toward generating electricity. The United States and others contend it is covertly trying to build a nuclear weapon.

Oil revenue drives Iran's economy. Hamaneh has stressed before in recent months that Iran would not reduce exports.

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