Reuters cited Mr Mohammad Karim Abedi senior Iranian lawmaker as saying that Iran is considering banning all oil exports to the European Union for five to 15 years.

Iranian lawmakers had been expected to debate a bill on Sunday to ban exports of Iranian crude to Europe in a move calculated to hit ailing European economies before an EU wide ban on any Iranian oil comes into effect in July.

Mr Emad Hosseini a member of Iran's Energy Commission said that no draft bill had been drawn up but that lawmakers were considering a preemptive ban on oil exports to the EU, while a member of Iran's National Security and Foreign Policy Commission said that any ban would last at least 5 years.

Mr Mohammad Karim Abedi said that we will change the threat into an opportunity for Iran and cut Iran's oil supplies to the Europeans for five to 15 years. We will not leave enemies' sanctions unanswered and we will impose other sanctions on them in addition to closing Iran's oil supplies to Europe.

EU imports of Iranian crude rose to about 700,000 barrels per day in the Q3 Last year up more than 7% from the Q2 with some of Europe's most fragile economies among the biggest buyers.

Mr Hossein Ebrahimi vice chairman of the parliament's National Security and Foreign Policy Commission said that banning oil imports from the Islamic Republic of Iran but delaying the implementation of this ban for six months indicates Europe's fear.

Escalating tensions between Iran and Western allies over Tehran's nuclear program particularly Iranian threats to close the vital Straits of Hormuz Gulf oil export route have helped push up Brent crude prices by about USD 8 per barrel since mid December.

(Sourced from Reuters)