The European Union believes it will be possible to compensate any reduction in oil that may be caused as a result of sanctions imposed by the EU, the EU Ambassador to India, Mr Joao Cravinho, said on Monday.
“There is international capacity to do this without major price increases of oil. Of course, this depends on availability and the willingness of other oil producers. The EU does not go into this blindly or without having had extensive conversation around the world with oil producers as well. Obviously, it is nobody's interest to have a spike in oil prices,” the Envoy said.
The statement comes on the day Bloomberg reported that oil prices rose in London as EU diplomats said the region was ready to announce a phased-in embargo of crude imports from Iran and that the EU had imposed sanctions on Iran.
While admitting that sanctions hurt, Mr Cravinho said the EU found considerable support for the sanctions. “Not everything that they tell us in private coincides with public position. What is important is what people actually do,” the Envoy said, without getting into details of which country was supporting the EU move on sanctions.
ashphadnis@thehindu.co.in