Russia is trying to disrupt talks with Iran to limit oil supplies to the world market
After Russia's invasion of Ukraine, global companies began to refuse to buy Russian oil. As a result, world quotations crossed $ 130 / t, but the United States intensified negotiations with Venezuela and Iran and promised to partially lift sanctions to increase oil supplies to the world market. The United States has also stepped up pressure on Saudi Arabia to increase oil production within OPEC + to reduce prices that are hurting the global economy, which has not recovered from the coronavirus crisis.
Following the imposition of sanctions and a ban on Russian oil imports to the United States, Russian oil stored in tankers began to be offered at a discount of 20-30% of the market price, which increased the pressure on world prices.
Iran has significant oil and gas reserves, so it can quickly increase supplies to the world market if sanctions are lifted. It now has a chance to take Russia's place in the EU's gas and oil market, which Iran is interested in from an economic point of view, especially given the high price level.
Negotiations with Iran have been going on for several months, with significant progress recently and a new agreement with Tehran being prepared. However, last week, Russia began demanding guarantees that Western sanctions for invading Ukraine would not affect Russian-Iranian trade. The West rejected these demands, and on March 11 it was decided to adjourn the talks. After that, May futures for Brent oil rose 5.5% to $ 112 / barrel.
Germany, France and the United Kingdom made a joint statement on March 12 that no one should try to use the negotiation process to obtain guarantees that have nothing to do with the 2015 nuclear deal.
Russia's demands have also been criticized in Tehran. "We understand that by changing its position in the Vienna talks, Russia is trying to defend its interests elsewhere, which is an unconstructive step," a spokesman for Iran's government told Reuters.
The loss of Iran as an ally will increase pressure on Russia's economy, which is actively exporting agricultural and other products to Iran.
