International

Russia can bring ``a couple of hundred thousand barrels`` in the short term.

Saudi Arabia will continue to increase oil production in order to achieve moderate prices.

Exports to India accounted for 21 per cent of Iran’s crude oil outbound shipments in 2017-18.

Some traders are forecasting that the sanctions could remove up to 1.5 million barrels per day of crude from the market.

Shell is a major player in the U.S. Gulf of Mexico.

Oil prices jumped 2 per cent as US sanctions restricted Iranian crude exports.

Earlier. Putin announced Russia'.s readiness to fund Nord Stream 2 in the event of the U.S. sanctions.

The Arctic LNG 2 project is expected to utilize the 7 billion plus boe of hydrocarbons resources in the Utrenneye field.

For Iraq. which did $12 billion in trade with Iran last year. the impact would be particularly dire.

Russian oil producers are an attractive investment long-term because they have some of the lowest lifting costs globally.