An Iranian lawmaker said Wednesday that in a preemptive move, Iranian parliament is mulling over a plan to cut oil exports to the European Union (EU) member states, according to the local English-language Tehran Times daily report.

"Majlis (parliament) representatives are seeking to approve a plan, according to which all European countries that have imposed sanctions against Iran will not be able to buy even one drop of oil from Iran," Nasser Soudani, a member of Iran's Majlis Energy Commission was quoted as saying.

Foreign ministers of the EU countries on Monday decided to ban the oil and oil products from Iran.

Although the embargo will be started from July 1 to allow major EU importers like Greece, Italy and Spain to find alternative suppliers, investors were still worried about the security of global oil supply as Iranian authorities have threatened to close the Strait of Hormuz, a key shipping lane for the oil trade, and disrupt oil supplies in retaliation against the ban.