Peter Voser, chief executive at Royal Dutch Shell, said his company might take some time before suspending purchases…
By Dmitry Zhdannikov
DAVOS, Switzerland | Fri Jan 27, 2012 6:33am EST
(Reuters) – As the European Union prepares to ban Iranian oil and the United States turns the screw on payments, oil executives and policymakers say China and Russia stand to gain the most and Western oil firms and consumers may emerge the biggest losers.
Iran will continue to sell much the same volume of oil – 2.6 million barrels per day or around 3 percent of world supply – but almost all of it will flow to China, they reason. And being pretty much Iran’s only remaining customer, Beijing will be able to negotiate a much reduced price.