Oil markets will face problems over Iran sanctions: Iranian oil minister

TEHRAN, Nov. 29 (MNA) -- Iranian Oil Minister Rostam Qasemi said that the recent sanctions against Iran’s oil industry will face the global oil market with problems. Buyers could not find a replace for the Iranian oil with the same quality, the minister added. Most of Iran’s crude oil is sold at the East Asian markets, he said, adding that Iran has sold its export-bound crude oil for the next four months in advance. Statistics show that the EU imported some 450,000 barrels of crude oil per day from Iran in the first half of 2011. At present, Iran exports 2-2.2 million barrels of oil per day to different countries. Iran’s oil and gas reserves are so vast they cannot be excluded from the world market as France is urging the West to do,the National Iranian Oil Company head said. “Iran possesses massive oil and gas reserves... Thus ignoring Iran in oil and gas exchange will not be acceptable (by the international community),” said Ahmad Qalebani, who is also a deputy oil minister. France’s announcement that it would soon stop importing oil from Iran was hollow, he added. “The National Iranian Oil Company does not export any crude oil to France that could be subject to sanctions,” he said. France on Thursday said it would stop buying Iranian oil. The foreign ministry said the move would be organized “in liaison with the European partners.” France has called on other Western nations to put in place an embargo on Iran’s oil exports. According to the US Energy Information Agency, France imports the equivalent of 49,000 barrels of Iranian crude per day, a tiny fraction of Iran’s oil exports. France’s move followed coordinated announcements by the United States, Britain and Canada on November 21 saying they were slapping additional unilateral sanctions on Iran’s financial sector.