France: EU can offset loss of Iran oil caused by sanctions

BRUSSELS - French Foreign Minister Alain Juppe said on Thursday that the European Union would work with its partners to offset any shortfall if an oil embargo were imposed on Iran.
"We are working on it," he told reporters after a meeting of EU foreign ministers, when asked about the possibility of sanctions on Iranian oil.
"Greece has voiced some concerns, we have to take them into account and work with the different partners so that the interruption of (oil) deliveries from Iran could be compensated by a rise in production in other countries... It is something that is absolutely possible," he said.
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