Oil markets could cope with any loss of Iranian oil exports tied to sanctions, including an abrupt cut to the European Union, a top official with the International Energy Agency said Monday.

But the consumer watchdog warned the standoff between Iran and the West was bringing the burden of oil prices on the global economy to near levels last seen in 2008.

In an interview with Dow Jones Newswires, Didier Houssin, IEA director for energy markets and security, said that "there are alternative supplies that can make up for any loss of Iranian exports."

In the second half of this year, any loss of Iranian oil supplies should be compensated by additional spare capacity in the United Arab Emirates , Nigeria and possibly Saudi Arabia and higher production in countries outside the Organization of Petroleum Exporting Countries, he said.
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