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Sanctions on Iran's oil to hurt global market: minister

(Xinhua)

23:02, November 29, 2011

TEHRAN, Nov. 29 (Xinhua) -- Iranian Oil Minister Rostam Qasemi said that Western sanctions against Iran's oil industry will cause problems for the global oil market, the local Tehran Times reported on Tuesday.

The minister added that buyers will not find an alternative to the Iranian oil with the same quality.

On Sunday, Qasemi downplayed Europe's threat to boycott Iran's crude oil, saying that significant buyers of its oil are from East Asia rather than Europe.

Last Tuesday, Managing Director of the National Iranian Oil Company Ahmad Ghalebani said Iran is not afraid of losing buyers from European countries.

Earlier, France called on its Western partners and the European Union to jointly impose new sanctions on Iran to force it into negotiations over its nuclear issues. However, Iran insists that its nuclear program is "civilian" and "peaceful."

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