Ahmadinejad says Iran able to withstand an oil embargo for several years

Iran's president Mahmoud Ahmadinejad said that Iran is able to withstand an oil embargo for the next few years, Trend informs.

The International Energy Agency recently said that the wide-ranging sanctions against Iran could reduce its oil exports by as much as 1 million barrels per day, or 40 percent, from the middle of the year.

"We must say to them that we have so much saved that even if we didn't sell oil for two to three years, the country would manage easily," Ahmadinejad was quoted as saying during a visit to Hormuzgan province of Iran.

The European Union is set to impose a total embargo on Iranian crude oil from July, following similar measures imposed by the United States to try to force Iran to abandon uranium enrichment.