No more Iranian oil for the Dutch

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Iran is stopping the export of oil to six EU member states with immediate effect, according to the .

The countries affected are the Netherlands, Italy, Greece, France, Portugal and Spain. The market price of a barrel of crude oil went up by 1 dollar upon Iran's announcement.

The Netherlands is importing up to five percent of its oil from Iran, according to figures published by the Dutch Petroleum Industry Association VNPI.

Nuclear A Reuters report said that the ambassadors of the six European countries were summoned to the Iranian Foreign Ministry on Wednesday. No details about the meeting have been made public, but it is assumed that it was called to announce Iran's boycot.

The Iranian oil boycot follows the announcement of an EU ban on oil imports from Iran which would take effect on 1 July 2012. The EU is imposing the sanction because it suspects Iran of secretly developing a nuclear weapon.


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