European refiners who are regular buyers of Saudi Arabian crude will likely ask the Kingdom to increase supplies if the European Union decides to impose an embargo on Iranian oil, people at several of the companies told Dow Jones Newswires Thursday.

"We are waiting to know what sanctions are imposed," said a person at one European refiner. "We haven't asked for more for the time being...but we will do it if necessary."

EU foreign ministers met earlier Thursday to discuss tougher sanctions on Iran, but failed to come to a final decision on a ban on oil imports from the Islamic Republic.

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