15:02 GMT +318 November 2017
Live
    Chelyabinsk's Lukoil-Uralnefteproduct company

    Iran's Oil Worsens Prospect of Russian Energy Supplies to Key Markets

    © Sputnik/ Aleksandr Kondratuk
    Business
    Get short URL
    0 856611

    Prospects for Russian oil exports to the key markets are unfavorable due to increased competition from Iran, Russia's Central Bank said in a report on Friday.

    MOSCOW (Sputnik) — In January, the European Union, the United Nations, and partially the United States lifted their sanctions against the Islamic republic after the International Atomic Energy Agency verified Tehran’s compliance with a nuclear agreement reached last July. The lifting of sanctions allowed Iranian oil producers to re-enter the global market.

    "Prospects for Russian energy supplies to the key markets are unfavorable. Once the Iran sanctions were removed at the beginning of this year, its supply of crude oil to China has increased from 410,000 barrels per day in January to 675,000 barrels per day in April 2016," the report reads.

    The bank stressed that at the same time Russia managed to boost its oil supplies enhancing its position on the Chinese and the European markets.

    Related:

    Russian Central Bank Sticks to $25 Per Barrel Oil Price Scenario
    Gazprom Outlooks Increase of Hydrocarbon Output by 5% in Oil Equivalent
    Abkhazia Seeks Explanation From Russia's Rosneft on Stalled Oil Project
    Russia on the Right Way, Planning to Blow Daesh Oil Facilities in Raqqa
    Oil Prices Predicted to Return to $80 per Barrel Within Decade
    Brazil’s Petrobras Oil Output Increases After Corruption Scandal
    Global Oil Output, Consumption Growth Reaches Multi-Year High in 2015
    No Foul Play Suspected in Oil Tycoon’s Death After Corruption Indictment
    Crude War: Saudi Arabia Set to Challenge Russia in European Oil Market
    Economic Relations Between Russia, Iraq to Depend on Oil Prices
    Tags:
    sanctions, energy, United Nations, European Union, Iran
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment