AFP reported that Iran, OPEC's second largest producer has no concern finding new customers for its crude after the European Union decided to impose an embargo on Iranian oil exports.

An Iranian oil ministry said that Iran exports only 18 percent of its oil to Europe and the rest is exported to other markets. Considering the market situation, there is no concern about finding new customers and the oil ministry made arrangements a long time ago to deal with any challenge.

Mr Ramin Mehmanparast Iranian foreign ministry spokesman said that Tehran would immediately replace any country that turned its back on Iran's vast energy reserves.

The European Union slapped an embargo on Iranian oil exports as the West ramped up pressure on Tehran over its controversial nuclear drive and urged it to return to the negotiating table.

EU foreign ministers agreed on an immediate ban on oil imports and a phase out of existing contracts up to July 1. They also froze the assets of Iran's central bank while ensuring legitimate trade under strict conditions.

The bloc imported some 600,000 barrels per day of Iranian oil in the first 10 months of last year, making it a key market alongside India and China, which has refused to bow to pressure from Washington to dry up Iran's oil revenues.

The new EU sanctions meanwhile would make it even more difficult for Iran, to be paid in foreign currency for its oil exports, worth more than USD 100 billion in 2011.

Mr Barak Obama president of US lauded the EU move to choke Tehran's oil exports, amid evidence that sanctions are beginning to bite. I applaud today's actions by our partners in the European Union.

(Sourced from AFP)