raq will not substitute Iranian oil, spokesman

BAGHDAD/ Aswat al-Iraq: Oil Ministry spokesman announced that Iraq will not substitute the Iranian oil if the European sanctions come into force.

The sanctions are to be started today, 1 July, 2012.

Asim Jihad excluded that Hormuz Straits are to be closed in a reaction to the sanctions.

Jihad added that "the ministry has a programmed police to increase the production and exports", stressing that "this policy shall not be changed to substitute the Iranian oil".

He pointed out that exclusion of some countries from the sanction will relatively minimize the effects on Iranian economy.

Gradual sanctions began five months ago which led to a 40% in Iranian oil sales, according to International Energy Agency.

He excluded the closure of Hormuz Straits because "it is an international vent that will affect the interests of many countries".

"If it is closed, it will not last for a long time because world economy cannot endures such shocks", he confirmed.

Jihad minimized the importance of closing the Straits because it has other export vents, such as Turkey which can accommodate exporting 500.000 b/d.