Inspectors back in as Iran ‘struggles’ to find oil buyer

'Struggling to sell': Iranian President Mahmoud Ahmadinejad as Middle Eastern state cuts exports to France and UK

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By Eoin O'Cinneide & news wires

 20 February 2012 10:17 GMT

Iran is “struggling” to find a buyer for its oil output surplus, according to a report, as UN weapons inspectors arrive back in the sanctions-hit country.

The Middle Eastern state’s oil ministry on Sunday announced that it has cut off supplies to UK and French companies, in retaliation for an EU ban last month on Iranian oil imports from 1 July.

"Exporting crude to British and French companies has been stopped ... we will sell our oil to new customers," ministry spokesman Alireza Nikzad said in a statement.

The Financial Times reported on Monday that Tehran is “struggling” to find a new buyer for the estimated 500,000 barrels of oil per day left as surplus from its decision…

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