Iranian oil minister says the Islamic Republic’s oil has its own markets, stressing his country is fully ready to confront the West’s sanctions on the oil industry.

Iranian oil minister says the Islamic Republic’s oil has its own markets, stressing his country is fully ready to confront the West's sanctions on the oil industry.

Rostam Qasemi said 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," Qasemi said late Saturday.
 “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.”

The minister reiterated that oil sanctions had no effects on development of the Islamic Republic's oil industry, noting that replacement of foreign contractors with Iranian ones, exports of oil products and manufacture of numerous oil relevant equipments inside the country were among positive impacts of the West's sanctions on the Iranian oil industry.

Qasemi also emphasized that sanctions and pressures would have no effect on Iran's will towards development and progress.
He announced that Iran's oil exports to Europe stood at 18 percent before the EU oil embargo, adding the figure was 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.