Kaveh Kazemi | Getty Images
Oil wells on Kharg Island in the Persian Gulf, off the coast of Iran.
“We do not know how companies will react, how countries that engage with Iran will react. We will have to see the actual adopted documents/sanctions,” he said.
The U.S. is keen to see oil-producing countries like Saudi Arabia and Russia increase oil production to ensure the shortfall created by its Iran sanctions does not push up global oil market prices too high. U.S. Secretary of Energy Rick Perry met Novak in Moscow on Thursday but it’s not been disclosed whether Iranian sanctions, and how to prevent those measures negatively impacting the market, was discussed.
Instead, the U.S. Energy Department released a statement last week detailing the meeting in which it said the ministers had “discussed ways in which America and Russia, two of the world’s top producers of natural gas and leading producers of oil can work together to ensure world energy market stability, transparency, and sustainability.”
The U.S. and Russia are entering an era of competition to provide energy to Europe, in particular. The U.S. opposes a gas pipeline project, called Nord Stream 2, to supply Russian gas to Germany and hinted that it was an alternative source of energy for the region.
“Secretary Perry made clear that while the United States welcomes competition with Russia in energy markets across Europe, Asia and elsewhere, Moscow can no longer use energy as an economic weapon,” the U.S. Energy Department said in its statement. “The United States is now in a position to offer these nations an alternative source of supply.”
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