Iran to supply oil to Europe immediately after sanctions are lifted

A representative of the Iranian Oil Ministry and Director of International Affairs of the State National Iranian Oil Company, Mohsen Kamsari, declared that his country is ready to establish  supply of oil to Europe immediately after the removal of the sanctions imposed against it.

"Iran can provide almost half of the oil consumed by Europe today. Contracts will be awarded on the basis of spot transactions until other annual contracts with other European suppliers will come to an end and they will not be ready for new long-term contracts," Tass quotes him as saying.