International and unilateral sanctions on Iran could be having an impact on the crude market in the Islamic republic, an energy watchdog said.
The U.N. Security Council in June passed new sanctions on Iran as punishment for its controversial nuclear program. The United States and European Union followed suit in July, passing their own sanctions that target Iran's energy sector.
The International Energy Agency in a report last week said Iran might have to start storing crude oil "as new sanctions have the unintended consequence of squeezing crude buyers," reports the Financial Times.
One official at a Western oil company that has worked in Iran told the London newspaper on condition of anonymity that it was "getting increasingly difficult" to deal in the Iranian energy sector.
Iran sits on some of the largest oil and gas deposits in the world. International oil traders and energy companies, however, started fleeing Iran's energy sector as sanctions pressure mounted.
Officials in the Iranian energy sector told state media, however, that there were few problems in finding customers for Iran's crude oil.
The U.N. Security Council in June passed new sanctions on Iran as punishment for its controversial nuclear program. The United States and European Union followed suit in July, passing their own sanctions that target Iran's energy sector.
The International Energy Agency in a report last week said Iran might have to start storing crude oil "as new sanctions have the unintended consequence of squeezing crude buyers," reports the Financial Times.
One official at a Western oil company that has worked in Iran told the London newspaper on condition of anonymity that it was "getting increasingly difficult" to deal in the Iranian energy sector.
Iran sits on some of the largest oil and gas deposits in the world. International oil traders and energy companies, however, started fleeing Iran's energy sector as sanctions pressure mounted.
Officials in the Iranian energy sector told state media, however, that there were few problems in finding customers for Iran's crude oil.
