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Iran shrugs off new oil-sanctions threat

New doubts have surfaced in Europe and US over plans to further target Iran’s oil industry. Saudi Arabia holds the key to any ban proposal

An EU ban on imports of Iranian oil would have little effect on Iran, which would find buyers for available cargoes in Asia, the country’s deputy oil minister said today. “Iran is already under sanctions,” Alireza Zeighami said. “The new ones aren’t going to be any problem.” He added: “Many countries need energy and we are a big supplier. It would be in our favour.” Oil prices, which on 6 December were trading just shy of $109/b, continue to find support on the back of the dispute between Iran and the West over the Islamic state’s nuclear aspirations. Iran’s foreign ministry has said new sanctions could send oil prices spiralling higher, hurting the consumer economies, while boosting expor

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