Iran 's Oil Minister, Rostam Ghasemi, downplayed the threat of a European Union ban on oil imports from his country Monday, saying Europe has no alternative but to buy Iranian crude, according to Fars news agency.

"Taking into account the quality of Iranian oil and Iran's second top ranking in terms of oil production, the consumers cannot be provided oil with such a quality so there is no alternative for Iranian oil supply," Ghasemi told the news agency.

Iran has sold its current oil production four months in advance, much of it to Asia, so a ban would have little immediate affect, he added.

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