US oil embargo on Russia unlikely : Iran minister

Tehran, March 18, IRNA — 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.

In an interview with Shana News Agency, Zanganeh said :“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.

ˈSuch a thing is impossible to happen because the market cannot tolerate the elimination of Russia’s oil,” he said.

It is very unlikely that the US will be able to eliminate a significant share of Russia’s production from the market, Zanganeh noted.

The minister warned of price hikes, should the US imposes sanctions on Russia’s oil.

By IRNA

 

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