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Iran's oil minister said the Islamic state would not retreat from its nuclear program even if its crude-oil exports grind to a halt, the official IRNA news agency reported on Saturday.
But he also called on the European Union, which accounted for one-quarter of Iranian crude oil sales in the third quarter of 2011, to review its decision last week to ban Iranian oil imports as of July 1.
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"We will not abandon our just nuclear course, even if we cannot sell one drop of oil," Rostam Qasemi told reporters, according to IRNA.
Tension with the West rose last month when the United States and the European Union imposed the toughest sanctions yet on Iran in a bid to force it to provide more information on its nuclear program. The measures are aimed at limiting the sales of crude by the Organization of the Petroleum Exporting Countries' second-biggest oil exporter.
Qasemi said Iran would cut oil exports to some nations in Europe -- he did not specify which -- in retaliation for the 27-state EU's decision to stop importing Iranian crude.
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"Our oil exports will certainly be cut to some European countries ... We will decide about other European countries later," Qasemi said a news conference, IRNA reported. He urged Europe to reconsider its ban, and he said the oil market is in balance now but would be thrown into turmoil without Iranian crude supplies.
"Unfortunately, the EU has succumbed to America's pressure. I hope they would review their decision on sanctioning Iran's oil exports," Qasemi said. "The international crude market will experience turmoil in the absence of Iranian oil with unforeseen consequences on oil prices," he said.
However, analysts say the global oil market would not be greatly affected if Iran were to turn off the oil tap to Europe.
Saudi Arabia's promise to make up for any shortfall in oil from Iran has angered Tehran, which has written to the head of OPEC asking for cooperation from its members.
"We are hopeful Saudi Arabia would respond positively to our just demand," Qasemi said.
The EU's ban on Iranian oil came after U.S. President Barack Obama signed new sanctions into law on New Year's Eve that would block any institution dealing with Iran's central bank from the U.S. financial system.
If fully implemented, these measures will make it impossible for countries to buy Iranian oil, but Qasemi said the ban would not disrupt the state's oil transactions.
"We have different ways to receive our oil money, which is not always necessarily through the central bank, like using banks in friendly countries," he said without elaborating.
The minister also dismissed reports of Iran selling its oil in lower prices." No country has asked for a discount. We are selling our oil based on global market prices. If necessary, we would be willing to engage in barter trade."
