EU oil embargo on Iran comes into effect

As part of international efforts to force Iran to abandon its nuclear program, the European Union (EU) embargo on the Islamic nation's oil industry will come into effect from July 1.

Iran's IRNA news agency reported that a series of Iranian lawmakers on June 30 declared that the EU's oil embargo will not affect Iran's emerging and growing economy.

Announced in January, the impact of the embargo is still unclear. Last week, Seoul announced its decision to stop buying Iranian oil, making South Korea the first country in Asia to implement the ban.

The global economic slowdown has reduced demand for oil in recent weeks, pushing oil prices to their lowest level since the beginning of the year.

Semi-official Mehr news agency quoted Iranian Oil Minister Rostam Ghasemi on the same day calling on the Organization of the Petroleum Exporting Countries (OPEC) to hold an emergency meeting, saying that current oil prices on the market have become "irrational"./.

According to (Vietnam+) - DT