Spectator on facebook

Spectator on facebook

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

Budgetary deficit supposed to be under 1 percent for the first time

MPs approved the public administration budget for the next year, with 82 voting for it, and 59 against.

Finance Minister Peter Kažimír

President to appoint missing Constitutional Court justices

The court will have its full complement of judges after three years.

President Andrej Kiska

Austrian natural gas station close to Slovak border exploded Video

The incident, which claimed one fatality and at least 18 injuries, also created an emergency in a Slovak village close to the Austrian border.

The explosion of Austrian natural gas station in Baumgarten, December 12.

Blog: Environmental sustainability is the future for sustainability in business

A great example of how you can make a difference by sharing your passion with others: Ivana Maleš, co-founder of the Institute for Circular Economy, describes her journey to a sustainability consultant.

Illustrative stock photo