Iran dispels fears over EU oil ban

Iran has today played down the impact of new Western sanctions targeting its vital oil sector.

European diplomats have said they have reached preliminary agreement on an EU oil ban from the Islamic republic.

But the National Iranian Oil Company said demand is so high for Iranian oil that it would have no trouble selling it elsewhere.

Negotiations are ongoing to determine when the ban should start.

France said its hoping to see it announced at a meeting of EU foreign ministers at the end of January.

Iran exports around 18% of its oil to the EU, making the bloc the second-biggest destination after China.