Several oil producing countries stand ready to increase their exports to the European Union if the EU imposes an oil embargo on Iran, French Foreign Minister Alain Juppe said Tuesday, dpa reported.
"Other countries are ready to increase their production to avoid an impact on prices," Juppe told the French National Assembly, adding: "We have made discreet contacts in that respect."
"The producing countries don't want us to talk about it, but they are ready," he said in response to questions from parliamentarians about the fallout of a possible oil embargo.
EU sources say that EU foreign ministers will announce a deal on an oil embargo and a ban on transactions with the Iranian Central Bank at a meeting on January 23.
Greece and Italy, which get around 22 and 13 per cent of their oil from Iran respectively, have expressed concerns about the impact on their supplies, Juppe admitted.
"We will try to convince our partners that there are other supply sources," he said.