Tehran: Iran will soon stop oil exports to certain members of the European Union (EU), the country's Oil Minister Rostam Qasemi said.

“According to the Oil Ministry's future plans, we will cut our exports to certain countries" in response to the EU's recent oil embargo against Iran, Qasemi told reporters.

Last Monday, the Foreign Ministers of the EU members decided to embargo Iran's oil and oil products, causing investors to worry about the global oil supplies as Tehran had threatened in retaliation to close the Strait of Hormuz, a key shipping lane for the trade.

Major EU importers of Iran's oil, such as Greece, Italy and Spain, have until July 1, when the embargo comes into force, to find alternative oil suppliers.  "Less than 20 percent of Iran's oil exports are destined for Europe" and the EU sanctions will take a heavy toll on the European people, Qasemi was quoted as saying.

The embargo would not create a problem for Iran's oil exports even if sales to Europe were halted, he added.

(Agencies)