'We Have Oil and the World Needs it,' Iran Braves US Sanctions

"We have oil and the world needs it," says Iran, putting up a brave front against the sanctions imposed by the US.

During an interview to state television, Iranian President Mahmoud Ahmadinejad accused the West of launching an all-out war against Iran by imposing such sanctions.

However, in a rare confession, he conceded that the sanctions have indeed hurt the country's economy badly. "There are barriers in transferring money, there are barriers in selling oil, but we are removing," said the president who is scheduled to travel to New York in a month's time to attend the UN General Assembly.

The orchestrated sanctions backed by the UN and Europe are aimed at forcing the country to halt its nuclear development programme which the West says is for making weapons; Iran says it is only for peaceful purposes.

To beat the sanctions, Iran is actively considering shipping its oil through different routes. But it is not known how it is going to tackle its isolation from the international banking system which has made it further difficult for its exports. The banking embargo has also affected its other trade including meat, says Ahmadinejad.

The country has lost 20 to 30 percent of its oil exports in recent times. Tehran depends on oil revenue for nearly 80 percent of its foreign income. In July and August 2011, Iran was exporting nearly 2.2 million barrels per day while during the last two months only one million barrels have been exported per day, according to reports.

Sticking to Iran's age-old hostility towards Israel, Ahmadinejad ruled out any possibility of talks with that country.