Iran cannot be omitted from the international markets, IRNA quoted the country's oil minister Rostam Qasemi as saying.
Qasemi further noted that the countries which have imposed oil sanctions against the Islamic Republic will surely witness the negative consequences of their moves.
The EU accounted for 18 percent of Iranian crude oil sales in the first half of 2011, according to the U.S. Energy Information Administration, making it Iran's second biggest customer after China.
On Jan. 23, EU foreign ministers agreed on Iran's oil embargo banning EU countries from buying Iranian oil in six months.
When current oil contracts for Iran's oil expire, about 27 countries that make up the EU cannot sign new ones. The new sanctions will also freeze some of the Iranian Central Bank's assets. Totally, Iran exports about 2.2 mbpd of oil.
The minister added that the EU sanctions have had no negative impact on investments in oil and gas field.
"We are now active in the South Pars oil and gas fields," said Qasemi, adding that there is no obstacle in the country's oil and gas operations.
Edited by: S. Isayev