The European Union has downplayed Iran's stoppage of oil exports to its member-states by saying that the 27-nation bloc is self-sufficient to meet its oil demands as it has reserves for four and-a-half years.
Last month, an EU Foreign Affairs Council meeting had banned imports of Iranian crude oil and petroleum products from July 1 in a bid to force Iran to agree to halt its nuclear program.
Tehran retaliated by announcing on Sunday that it will no more sell crude oil to French and British buyers. Iran's Oil Ministry said on its website that Iran "will give its crude oil to new customers instead of French and UK companies."
Although it did not name the new customers, the state-run Mehr news agency had reported earlier this month that Iran would increase its oil sales to China and other nations that have sought waivers on U.S. sanctions imposed on Iran late last year.
European Commission spokesperson on energy Marlene Holzner said on Monday that if there were no other importers to replace Iran, EU oil stocks would suffice for a long period of time because Iranian supplies accounted for only 5.8 percent of Europe's total crude imports.
Some of the EU members have already closed their doors to Iranian oil, and others are buying less, she added.
Responding to the news of EU ban on Iranian oil import in January, the head of Iranian Parliament's foreign policy commission Alaeddin Boroujerdi said the oil embargo would harm the European Union more than Iran.
The European Council's statement at that time said EU nations currently buy about 20 percent of Iran's oil exports.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.