02/02/2012 (Agence Europe) - Embargo on Iranian oil - Saudi Arabia ready to meet demand. According to a Council document on the EU's position at the next meeting of the International Energy Agency (IEA) governing board on 15-16 February, “the EU is continuously monitoring the market and stands ready to address further developments” in light of the “recent decision on further EU sanctions affecting the Iranian energy sector”. “Impacts of the EU import ban will largely depend on the reaction of other producers and Asian buyers of Iranian oil”, the Council document states, going on to specify that “Saudi Arabia has indicated its ability and readiness to satisfy increasing demand for its oil for existing customers”. The EU is studying the effect of the embargo before the deadline, 1 July 2012, especially on Greece, the document states, adding that “EU stock levels are comfortable” (120 days). “At present, the EU sees no need for stock release or other measures”, it states. (EH/transl.jl)