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EU to announce a phase ban on Iran's oil

Its is believed that, the European Union foreign ministers are expected to announce a phased ban on the purchase of oil from Iran.

It would be the latest EU measure to be introduced in retaliation for Iran's nuclear programme.

The EU currently buys around 20% of Iran's oil exports.

Iran's top oil exports in 2010;

China 20%

Japan 17%

India 16%

Italy 10%

South Korea 9%

Others 28%

Total exports estimated around 2,154,000 barrels a day. It is believed that Iran's oil is the country's most valuable asset and sales helps to keep the Iranian government in money and power.

Now the concern is, will this ban be a reason for Iran to retaliate or become the next global threat?

Contributed by: Mohinder Pal Singh 
City: Warsaw
Country: Poland
Date: January 23, 2012