EU embargo on Iran could affect fuel prices in Slovakia

The price of oil and other fuels on the European market could increase in coming weeks following a European Union decision to impose a crude-oil embargo on Iran, the TASR newswire reported.

The price of oil and other fuels on the European market could increase in coming weeks following a European Union decision to impose a crude-oil embargo on Iran, the TASR newswire reported.

“Prices increase due to expected increases in demand and a smaller volume of oil in circulation,” said Michaela Jacová, an analyst on the Energia.sk website, as quoted by TASR.

The EU imposed a crude-oil embargo on Iran on January 23. Though the embargo bans all new oil contracts with Iran, it still gives some countries up to six months to find alternative oil suppliers. This could, Jacová said, delay a price hike in Slovakia.

Slovak Foreign Minister Mikuláš Dzurinda said that the embargo was inevitable since it could help to boost the chances of forcing Iran to negotiate with Europe, the US and other countries about its controversial nuclear programme. He said these countries had to prevent a situation in which nuclear weapons got into the wrong hands, the SITA newswire reported.

However, Dzurinda said he did not believe that the embargo on Iran would affect Slovakia significantly as it imports crude oil mainly from Russia.

Sources: TASR, SITA

Compiled by Radka Minarechová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

Culture Minister Natália Milanová of OĽaNO on June 22, 2022.

New media laws could allow politicians to intervene more in output

Media ownership and funding should also become more transparent.


23. jun

News digest: Salvator pharmacy will resume its original function

Bratislava marks the 280th anniversary of Maria Theresa's coronation, what to do with unwanted books, and decommissioning a former nuclear plant might take longer than planned.


24. jun
SkryťClose ad