Tuesday, March 26, 2019

Saras Worried About Iran Crude Amid New Sanctions

Posted by May 14, 2018

Italian refiner Saras is worried about the market not having access to Iranian crude oil in light of new possible U.S. sanctions against Tehran.

"I am worried about the overall scenario," Saras CEO Dario Scaffardi said on a conference call.

He said Iran was one of Saras's main crude suppliers, though not the only one, adding for the time being nothing had changed.

"It is too soon to assess the implications of any new U.S. sanctions," he said.

The United States plans to impose new unilateral sanctions on Iran after abandoning an agreement reached in late 2015 to limit Tehran's nuclear ambitions in exchange for removing joint U.S.-Europe sanctions.

Speaking to analysts, Scaffardi said the lack of Iranian crude supplies would be a problem in terms of prices but not volumes.

"We are in contact with most crude suppliers in the world," he said, adding the group was sourcing alternative sour crudes from Iraq, Saudi Arabia, Libya, Russia and West Africa.

It was also waiting for greater clarity on exports from Kurdistan which was expected in the near future.

Reporting by Stephen Jewkes and Giancarlo Navach

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