Tehran, Iran, June 27
By Mehdi Sepahvand - Trend:
After disputes with the EU over developments in Ukraine, Russia has turned its attention to the Gulf oil market for its M100 Mazut where the situation will turn bad for Iran.
Russia has been barred from the European market by sanctions and now it is trying to sell its M100 cheap at the Gulf market where exports are bound to Arab states and even eastern and southeastern Asia, Mehr news agency reported June 27.
The M100 is a high-quality mazut which has less sulfur compared to the mazut produced by Iran.
Not only that, Russia has used low prices in order to sell its product as the Gulf market.
The move has triggered a second oil price war since last year because following Russia, Saudi Arabia has also increased its output and lowered the price.