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Alex Delmar-Morgan
Dec 8, 2011 3:28 pm GMT Europe may be pressing ahead with plans to slap an oil embargo on Iran, but the plan certainly won’t be plain sailing.

Italian energy major Eni’s admission Thursday that it is concerned about a potential ban on Iranian crude imports complicating payments it receives in oil shipments from the Islamic republic is another spanner in the works for Europe’s plans.

Many fear an E.U. Iranian oil ban will be counterintuitive: why push up the price of oil even higher and create more pain for consumers in debt-laden Europe already burdened by higher taxes and economic pain?

In October, Iran produced 3.5 million barrels a day out of total OPEC production of 30.0 million barrels a day, according to the International Energy Agency.

So, how much of a dent financially would oil sanctions have on such a major exporter, one of the largest in the world?

[More over the jump]

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