The European Union "definitely" will not impose sanctions on OPEC member Iran's oil exports because such a measure would harm the global crude market, Iranian Oil Minister Rostam Qasemi said on Sunday. EU leaders called on Friday for more sanctions against Iran by the end of January, in an effort to increase pressure on Tehran over its disputed nuclear programme.
"Our policy is sustainable supply of oil to Europe ... Iran is a major oil producer and any sanctions on our oil export would harm the global market," Qasemi told a news conference. Last week, EU foreign ministers agreed to develop new sanctions on Iran's energy, transport and banking sectors. Iran has been hit by four rounds of UN sanctions and international sanctions for defying to halt its sensitive nuclear activities.
In its latest report, the International Atomic Energy Agency (IAEA) released new evidence confirming international concerns that Iran is seeking nuclear weapons. Tehran denies the allegation, saying it needs nuclear technology to generate electricity.