i do not think iran can afford to stop the oil
Actually there is not much influence from EU embargos or Iran cuts on a physical flow of oil. The same oil will be delivered at the same time in the same countries and in the same quantity. Only now there would be not direct deliveries, but reexport ones. There will be intermediaries who will formally buy the Iranian oil in a direction of the non-European states and then will deliver it to Europe from them.
Nevertheless, final users - Europeans - will buy the Iranian oil more expensively for the percent, that will go to intermediaries. That's it.
China rebukes Iran for stopping oil sales to Britain and France
Beijing says dialogue and negotiations is only way to resolve dispute, after Tehran bans oil sales to French and British companies, apparently in response to EU boycott on Iran oil in July.
It's good that China express support for us and for the Brits against this unjust Iranian embargo that is imposed on us.
Iran's recent decision to halt oil exports to Britain and France "makes one smile,' as it is the European Union that decided to impose an oil embargo on Iran and not the other way around, France's foreign minister said Monday.
Alain Juppe added that the Islamic Republic is "very imaginative" in provoking other nations, referring to Tehran's threats to cut oil supply to hostile European countries.
Speaking at a press conference in Rome, Juppe noted that Iranian oil previously exported by France had very little significance given the country's needs. Earlier Monday, French officials said that Iran's decision to cut oil supply was meaningless as Paris curbed its oil exports from Iran last year already.
The French Foreign Ministry also issued a statement, noting that French oil companies already put an end to purchases from Iran on their own initiative.
The United States says it will punish financial institutions that deal with Iran's central bank, the main clearing house for oil revenues, by shutting them out of U.S. markets. A country can earn a waiver from the sanctions if it significantly reduces trade with Iran.
"Many countries have approached us to discuss their efforts to reduce purchases of Iranian crude which, by statute, could except them from sanctions," a senior official in President Barack Obama's administration said.
'Japan in final talks to cut Iran oil imports'
Three Japan megabanks to win waivers, according to Japanese business daily, which says cuts could amount to over 20% per year.
Europe set to cut 33% of Iran crude buys
EU nations not waiting for official embargo to begin in July, say they will start cutting back on crude acquisitions in March; China, India and Japan to cut 10%
The boycott is set to commence in July, but Tehran's European customers are already beginning to walk away from Iranian oil, saying that they will reduce flows to the continent in March by more than a third – or over 300,000 barrels daily.