IRAN’S oil ministry announced Sunday that it had stopped crude exports to British and French companies.

    It will also possibly cut oil exports to six other EU states, including Portugal, Spain, Greece, Italy, Germany and the Netherlands, the local Mehr news agency reported yesterday.

    The move came several days after Iran threatened to cut oil exports to some European Union countries in retaliation for sanctions put in place by the EU and the United States in January, a ministry spokesman said in a statement.

    The sanctions put in place last month are meant to force Iran to provide more information on its nuclear program by shutting off its sale of crude oil, which generates half of Iran’s revenue.

    Iran exports 2.2 million barrels of oil a day, 18 percent of which is bound for European markets, according to the U.S. Energy Information Administration. The world consumes about 89 million barrels of oil per day.

    Final details of the EU sanctions are still being worked out, and it’s expected that they will have a grace period of up to eight months, an EU diplomat said last month

    The grace period will allow European refiners to find new suppliers and Iran to find new buyers.

    Meanwhile, Iran will increase oil exports to China to 500,000 barrels per day this year.

    Last year, Iran exported 220,000 barrels of crude and 60,000 barrels of natural gas per day to China.

    (SD-Agencies)