(MENAFN- Qatar News Agency) Iranian Oil Minister Rostam Qasemi said that Iran's oil has its own markets and the country is fully ready to confront the West's sanctions on the oil industry.
Iran's news agency (IRNA) quoted Qasemi as saying that the Iranian government has studied all possible options in confronting the anti-oil sanctions.
"The Islamic Republic of Iran has been facing oil sanctions for several years," he said.
Iran's oil is sold in international markets, he said, adding that today the Iranian oil is purchased by several European states some of which have been participating in development of oil projects.
Oil sanctions have had no effects on development of the Islamic Republic's oil industry, the minister reiterated, noting that replacement of foreign contractors with Iranian ones, exports of oil products and manufacture of numerous oil relevant equipment inside the country are among positive impacts of the West's sanctions on the Iranian oil industry.
Qasemi emphasized that sanctions and pressures will have no effect on Iran's will towards development and progress.
He announced that Iran's oil exports to Europe stood at 18% before the EU oil embargo, adding the figure is too meager compared to the amount exported to other countries across the globe.
Since Iran's oil is both cheap and of high quality, it has numerous customers throughout the world, the minister said, adding that Tehran has entered negotiations with many new customers of the Iranian oil.
Tehran believes that absence of the country in international oil markets will create tension, he stressed.
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