SHANA. Iran's Petroleum Minister Bijan Namdar Zanganeh said on Tuesday that the United States will not impose embargo on Russia's oil because of its repercussions on the market.
"The world oil market cannot deal with the [repercussions of the] elimination of [Russia's] oil if Russia is slapped with sanctions, and banning this country's oil is impossible," Zanganeh told Shana.
"Such a thing is impossible to happen because the market cannot tolerate the elimination of Russia's oil," he said.
"It would be very unlikely that the US would be able to eliminate a significant share of Russia's production from the market," said Zanganeh.
The Iranian minister warned of price hikes that in case the US imposes sanctions on Russia's oil.
"If Russia's events become serious, the oil price will pick up sharply," Zanganeh said.
"If no unpredictable event occurs, major fluctuations are likely in the oil market," he said.
|November, 14, 12:25:00|
|November, 14, 12:15:00|
|November, 14, 12:10:00|
|November, 14, 12:05:00|
|November, 14, 12:00:00|
|November, 14, 11:55:00|
WNN - The search for solutions to climate change must include discussion of nuclear power, Scott Foster, director of the Sustainable Energy Division of UNECE, told
WNN - in 2017 the average total generating cost - which includes capital, fuel and operating costs - for nuclear energy was USD33.50 per megawatt-hour (MWh).
LUKOIL - For the first nine months of 2018 LUKOIL Group's average hydrocarbon production excluding West Qurna-2 project was 2,301 thousand boe per day, which is 3.7% higher year-on-year.
GE - Baker Hughes, a GE company and General Electric Company Announce a Series of Long-Term Agreements to Maximize Value for Both BHGE and GE