“If you continue to add to the sanctions we will cut our oil exports to the world…..The dearth of Iranian oil on the market will increase the price drastically.”-Rostam Qasemi, Iran’s Minister of Petroleum

On 23 October 2012, Iranian officials quietly announced that Iran is prepared to stop all its oil sales to the world, if the United States and Europe continue economic sanctions.

On 15 October, the European Union voted for more sanctions against Iran.

Iranian officials say they are ready for “Plan B”, which means halting all petroleum sales and running their country without oil revenues.  This is possible because Iran’s non-oil exports are now high enough to offset the huge loss of oil money.

Even Iran’s domestic industries are becoming more self sufficient.  Example: According to the World Steel Association, Iran’s steel industry is now the 16th largest in the world: “Despite the intensified sanctions during the last two years, the capacity of Iran’s steel production has increased 5 million tons and we will be completely self-sufficient in the steel industry in the next three years.”-Hamidreza Taherizadeh, Vice-President of Iran’s Steel Association

The announcement was made at a OPEC meeting in Dubai.