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LONDON—European refiners are weighing the impact of a possible embargo on Iranian oil, the spokesman for their Brussels-based industry group said Friday, a day after the EU broadened sanctions on Iran but stopped short of an embargo.
"We are consulting our members to evaluate" it, a spokesman for European refiners association Europia said, a sign that the oil industry is starting to take precautionary steps in case an embargo is implemented.
EU foreign ministers broadened sanctions against Iran on Thursday due to "serious and deepening concerns" about the country's nuclear program. While the meeting didn't result in an oil embargo, EU officials emphasized that such a move had strong support in Brussels.
EU foreign policy chief Catherine Ashton said an oil embargo was still "being debated," and diplomats said some restrictions on Iranian oil imports were likely to be imposed in the coming months.
The EU said it would examine further embargoes on Iran's energy, banking and transport sectors and make a decision by its next meeting of foreign ministers in January.
"The EU made very clear that it will not bow to Iran's intimidation and bullying tactics," British Foreign Secretary William Hague said on Thursday.
Proponents of the embargo said they were working to address the concerns of Greece and some other countries that fear an embargo would push prices up at a time when their economies are already... >>>