Mehr News Agency quoted Mr Mohammad Ali Khatibi, Iran's representative to OPEC, as saying that the European Union will undoubtedly commit an economic suicide if it introduces an oil embargo against Iran.

He added that "With economic crisis in euro zone area any sanctions on Iran’s oil will put European countries in a deeper crisis."

Mr Khatibi warned that the US and some European countries must avoid adventurism in the global oil market.

Iran, OPEC's second biggest producer after Saudi Arabia, exports an average 2.2 to 2.3 million barrels per day, of which roughly 18% to 20% goes to the European market.

EU member states have agreed in principle to impose an embargo on Iranian oil exports to Europe but it is likely to have a much bigger impact on the EU member states that depend most on Iranian oil as a source of their imports, in particular Spain, Italy and Greece.

Some EU countries reportedly have been seeking a grace period of around six months for the embargo to give them time to source alternative supplies.

Iran has also warned Persian Gulf Arab states not to make up for any shortfall in its oil exports under new US and EU sanctions.

Mr Khatibi said that "If Arab neighbors compensate for a looming EU ban on Iranian imports, we would not consider these actions to be friendly. They will be held responsible for what happens" in that case, he said, adding, "One cannot predict the consequences."

Mr Khatibi warned that "If the oil producing Persian Gulf states give the green light to replacing Iran's oil these countries would be the main culprits for whatever happens in the region, including the Strait of Hormuz. Our Arab neighbor countries should not cooperate with these adventurers. These measures will not be perceived as friendly."

Saudi Arabian oil minister Mr Ali al Naimi told CNN that his country could increase production by two million barrels almost immediately if sanctions are imposed on Iran's oil exports.

(Sourced from www.mehrnews.com)