Us sanctions against Iran and Venezuela have been profitable Russian oil companies, which from November 2018 to July have been able to earn $905 million, reports Bloomberg, based on our own calculations. In the absence of the two large exporters in the market were more likely to buy oil from Russia.
According to the analyst JBC Energy Constanta Rangelova, influenced the demand and the OPEC decision+ to reduce production. Against this background, the cost of a barrel of Russian Urals have reached the maximum performance in relation to Brent.
In particular, the increased demand for Urals in the Mediterranean region, where local companies previously preferred to buy oil from Iran.
Sanctions against Iran, aimed in particular at reducing the supply of oil from this country, the United States imposed after release from a nuclear agreement with Tehran. Press Secretary of the White house Sarah Sanders in late April, stated that the purpose of the Washington administration was the reduction of Iranian exports to zero, to the ruling regime in the country had no sources of income.
Sanctions against the Venezuelan oil company PDVSA the us authorities introduced in January. This happened after the opposition leader Juan Guido proclaimed himself President of the country is Nicolas Maduro, and the United States recognized him as head of state.