Azerbaijan, Baku, July 14/Trend M. Moezzi
When the European Union's embargo on buying oil from Iran went into effect on July 1, the price on Russian Urals oil blend has climbed. So, there are demands for it.
Most closely resembling the light crude oil which Iran exported to the European Union (EU), Russian Urals oil blend is of high demand among EU countries, Pana News Agency reports.
Only a few refineries have been exempted from the ban on buying Iran's oil.
Only Italy's ENI, Spain's Repsol and Norway's StatoilHydro are buying a limited volume of crude oil and liquefied natural gas from Iran and that's because they have buyback contracts like phases one and two of the Darkhovin field and the development of phases 6 to 8 of Iran's joint South Pars oil and gas field.
The refineries that traditionally bought Iran's oil have switched to the Russian Urals blend. That greater demand has driven up the Urals blend's prices. The blend was priced at 40 cents (USD) a barrel more than the North Sea's crude blend. In mid-June the Russian blend was $1.60 a barrel cheaper than the North Sea crude blend.
The sanctions against Iran are all part of an effort led by the U.S. and its allies to make the country provide answers about its nuclear programme. The West is convinced Iran's nuclear programme is military in nature and Iran insists it is civilian and peaceful.