Senior MP: World to Sustain Losses of Sanctioning Iranian Oil

"It is completely obvious that the world needs oil and gas as a strategic product," member of the parliament's Development Commission Abbas Fallah told FNA on Monday.

It is possible for the world energy market to supply its oil needs through excess production of certain countries like Saudi Arabia or the UAE in the short run "but the decreasing trend of global (oil) production and increase in consumption in coming years is a strong point for Iran", he added.

In relevant remarks earlier this month, member of the parliament's Energy Commission Robert Beglarian told FNA that "the whole international economic system will be severely damaged by the oil sanctions against Iran".

"Energy is so important in the world that the whole world's economic system will be harmed by such sanctions and if Europeans continue the (present) trend (of embargos), Iran's oil will definitely find its way to alternative markets," he added.

Reminding Iran's special geographic position in the region and the world and its closeness to the consuming nations, he said that Tehran can sell its oil at lower costs compared with the farther suppliers and can gain more money by swapping oil supplies and other measures.

Iran announced earlier this month that the oil ministry has worked out proper ways of dealing with the Western sanctions on the Iranian oil sector.

Iranian Oil Minister Rostam Qassemi said his office has drawn up plans to defuse the western sanctions on Iranian crude supplies.

Qassemi said his ministry is at the forefront of an economic battle with the West.

Qassemi's comments come two weeks after an EU oil embargo went into effect against Iran for its refusal to give up its uranium enrichment right.

Iranian officials have earlier said they are organizing a consortium of private companies to bypass the embargo. Iran says it can always find buyers for oil.

Also earlier this month, Iran announced that its government and parliament would set up a joint committee to counter the sanctions imposed by the West on the country's oil supplies.

The joint committee will comprise oil ministry officials, members of the parliament's energy commission and the national security and foreign policy commission.
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