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ROME (Reuters) - U.S. pressure on international oil firms to shun Iran will backfire by hindering efforts to add new supply to meet rising global demand, the Islamic Republic's oil minister said on Tuesday.
The United States, in dispute with Iran over its nuclear program, has banned its own nationals from doing business with Iran, OPEC's second-largest oil producer, and urged foreign companies to follow suit.
"This sort of pressure, which some companies may face, is going to affect the security of supply," Oil Minister Gholamhossein Nozari told Reuters Television in an interview.
"Those who are engaged in doing the sanctions and limitations should be very concerned what will happen in the next five to 10 years," he said.
The remarks came on the sidelines of a meeting of oil producing and consuming countries and as oil prices hit a new record high above $118 a barrel, driven in part by traders' concern about future supply.
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