Sanctions on Iran driving up global oil prices: Russia Lukoil chief

TEHRAN,April 19(MNA)--Iran cut oil exports to Germany to April 11, one day after halting crude sales to Spain as part of its countersanctions against certain European states. The president of Russia's second largest oil company, Lukoil, has warned that the Western sanctions on the Islamic Republic’s oil sector will further drive up the global prices of crude. Vagit Alekperov told Russia’s Channel One television network on Tuesday that fears over the embargoes on the Iranian oil have already pushed up oil prices. He also noted that it is not unlikely for the oil prices to rise even further given the fact that Iran has halted its oil exports to certain European states. Iran halted oil exports to Germany on April 11, a day after it stopped its crude exports to Spain and Greece. The Islamic Republic had already stopped oil exports to French and British firms. Tehran says it is now considering halting crude sales to Italy. Iran’s decision to cut crude exports to certain European countries was made after the EU foreign ministers agreed on January 23 to ban oil imports from Iran and freeze the assets of the country’s Central Bank across the EU. Tehran’s decision to embark on countersanctions against the European countries has led to a hike in global oil prices, pushing gasoline prices in the U.S. and the UK to record highs. The rising gasoline prices have also become a major issue in the U.S. presidential election campaign.