Novak: tapobhumi oil, which will offer Iran, will affect the demand

Novak: tapobhumi oil, which will offer Iran, will affect the demand


Additional volumes of oil that will be able to offer Iran, increase the pressure of supply on demand, and this should be taken into account in the forecasts to the commodity market, Minister of energy of the Russian Federation Novak.

MOSCOW, 23 Oct. Additional volumes of oil that will be able to offer Iran, will put pressure on demand in the market, said the head of Ministry Alexander Novak.

“Iran really wants to recover those volumes that were previously on the market, even before the sanctions period. Our position here is that it’s a competitive market and each market participant, each exporting country has the right to make their own decisions about how much she produces, how it sells, at what price and so on,” said Novak in an interview with TV channel “Russia 24”.

“Of course, these additional volumes increase the pressure of supply on demand… This extra oil from Iran, it needs to be taken into account in the overall balance. We anticipated, certainly considering,” the Minister added.