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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
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