“This is unproductive, this is wrong,” Russia’s Energy Minister Alexander Novak recently said about the U.S. sanctions on Iran, indicating that Moscow will continue to back its ally in the Middle East despite its newly forged relations with Saudi Arabia. Speaking to CNBC last week, Novak said, “It is better to continue working in the market, Iran being just another exporter that provides stable supplies to the market. It is one of the richest in resources and has a solid standing in terms of its energy capability both in the OPEC, and in the energy markets as a whole.” Analysts have warned that the U.S. sanctions could cut Iran’s crude oil production and exports by as much as 1 million bpd or even more, which will certainly have a bullish effect on prices whatever countermeasures are taken by OPEC or the United States itself, including the November sale of […]