iran and the oil

Defiant Iran could withdraw oil in nuclear row
Jan 18, 2006
reuters.co.uk/news/newsArticle.aspx?type=reutersEdge&storyID=2006-01-18T102305Z_01_NOA837128_RTRUKOC_0_ANALYSIS-IRAN-OIL.xml

LONDON - OPEC power Iran wields a potent weapon -- oil -- which if fired to ward off international pressure over its nuclear programme could blast prices to record levels last seen during the 1979 Iranian Revolution.

Emboldened by strong prices and stretched global supplies, Tehran could retaliate by removing all or part of its daily crude sales of 2.4 million barrels from thirsty world markets.

As the United States and its European Union allies lose patience with the Islamic Republic, President Mahmoud Ahmadinejad has kept the world guessing as to whether the world's fourth biggest crude exporter will withhold supplies.

"We have the necessary tools to defend our rights," he told a news conference on Saturday. "Those who use harsh language against Iran need Iran 10 times more than we need them." ...