Iran has threatened to cut oil exports to the west and threatened to close the Strait of Hormuz through which one fifth of global oil supplies pass through - in bitter retaliation to the Iranian oil embargo agreed by the European Union.
The warning from Tehran comes after EU ministers agreed on Monday to stop any further oil contracts with the country with existing deals being allowed to run to July. The latest threats have added to an already tense relationship between the West and the Islamic Republic. Ian Traynor and Nick Hopkins have written:
Tehran threatened to respond by closing the strait of Hormuz, through which a fifth of global oil supplies pass, while a senior US official vowed that the west could use force to keep the route open.
The decision by EU foreign ministers in Brussels raised the stakes dramatically in the standoff between Iran and the west over Iran's nuclear programme.
The closing of the Strait would impact heavily on oil exports from not only Iran but also from Saudi Arabia - the largest exporter of crude oil in 2010. As the third-largest exporter of crude oil, Iran is also of major importance as would be the closure of the Strait of Hormuz which provided the route for 17 million barrels per day (bbl/d) in 2011 - totalling 20% of oil traded worldwide.
But where does Iran export its oil to? And how does Iran compare world-wide for oil reserves? The US Energy Information Administration (EIA) provide a thorough breakdown in their country analysis brief on Iran showing the top export destinations of Iranian oil, production and consumption over time and details on refinery capacity.
The top destination for Iran's crude oil exports in the six months between January and June 2011 was China, totalling 22% of Iran's crude oil exports. Japan and India also make up a big proportion, taking 14% and 13% respectively of the total exports of Iran. The European Union imports 18% of Iran's total exports with Italy and Spain taking the largest amounts.
Sri Lanka and Turkey are the most dependent on Iran's crude exports with it accounting for 100% and 51% of total crude imported, respectively. South Africa also takes 25% of its total crude from Iran.
Saudi Arabia, as of 1 January 2011, is the country with the top proven oil reserves at 263bn barrels followed by Venezuela and Canada. Iran has the fourth largest oil reserves in the world at 137bn barrels beating Iraq, Kuwait and the United Arab Emirates (UAE).
Below are top export destinations for Iran's crude oil. Download the spreadsheet to find details of Iran's refining capacity and oil reserves by country.
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