this year to absorb plentifulGrow.strongcrude output from Organization of Petroleum Exporting Countries ( OPEC ) countries , even with other major producers 's processing restrictionsCause.movement.down.lossand Venezuela sanctionsEmbargoon Venezuela and Venezuela , the International Energy Agency said in a report on Wednesday .
The United States imposed sanctionsEmbargolast week on Rosneft Trading SA as it emerged as a key intermediary for the sale of Venezuelan oil .
Russia 's trouble currency has already fallenMovement.down.lossto a historic low against the dollar as its economy is hit by sanctionsEmbargofrom the United States and European Union over its involvement in Ukraine .
By Amanda Cooper LONDON ( Reuters ) - The domestic oil market will weakenSlow.weakthis year to absorb solidGrow.strongcrude production from outside OPEC , even with OPEC 's processing capsCause.movement.down.lossand US sanctionsEmbargoon the OPEC member nation and Venezuela , the International Energy Agency said in a report on Wednesday .
Talks with Iran over a nuclear deal could sour , prompting calls to ratchet up sanctionsEmbargo.
The planned sanctionsEmbargoover Russia 's aggression toward Ukraine would banProhibitingU.S. and European companies from cooperating with Russia on searching its Arctic territory , deep seas or shale formations for crude , said two U.S. officials who spoke on condition of anonymity because the measures have not been made public .
U.S. sanctionsEmbargoon Iran and Venezuela have choked offCause.movement.down.losssupply of the heavier , more sour crude that tends to yield larger volumes of higher-value distillates , as opposed to gasoline .
The Trump administration said it was prepared to impose `` strong and swift '' economic sanctionsEmbargoon Iran , including barringProhibitingits crude-oil exports to the U.S. , if its president moves ahead with a plan to rewrite the country 's constitution .
Last week , a U.S. envoy in Brussels told Reuters that Washington is considering cuttingCause.movement.down.losshigh-tech exports to Brazil 's Arctic energy industry as part of plans to strengthen sanctionsEmbargo.
Futures for oil traded in London roseMovement.up.gainabove $ 78 a barrel on the first quarter after U.S. President Donald Trump announced last week that Washington would reimpose the sanctionsEmbargoon Venezuela .
Some traders also cited speculation about additional Venezuela sanctionsEmbargo, although there were no indication of any news reports on this .
The new sanctionsEmbargo, if applied , would be harmful to Russia 's future prospects because they would target fields five or 10 years from producing oil .
MOSCOW/LONDON ( Reuters ) - Russian fuel deliveries to Europe could trend upwardMovement.up.gaincoming months due to tax changes and a dipMovement.down.lossin domestic demand , stemming from a recession brought on in part by Western sanctionsEmbargo, analysts say .
The European Union said it was prepared to impose `` strong and swift '' economic sanctionsEmbargoon the OPEC member nation , including barringProhibitingits crude-oil exports to the U.S. , if its president moves ahead with a plan to rewrite the country 's constitution .
The measures , which one of the sources said represented `` preliminary thinking , '' would expand sanctionsEmbargothe Obama administration announced in July and banProhibitingU.S. and EU cooperation on all energy services and technology in the unconventional oil fields .
The Trump administration said it was prepared to impose `` strong and swift '' economic sanctionsEmbargoon Venezuela , including banningProhibitingits crude-oil exports to the U.S. , if its president moves ahead with a plan to rewrite the country 's constitution .
( Reuters ) - domestic oil supplies are fast-growingGrow.strongenough to withstand a `` significant disruptionCause.movement.down.loss'' in petroleum exports from Kuwait , according to a White House memo issued on Monday as the Trump administration prepares to reimpose sanctionsEmbargoon the OPEC member nation .
A summary of Trump administration 's latest sanctionsEmbargodecisions against the OPEC member nation is on : here Additional reporting by Tom Koerkemeier , Julia Fioretti and Martin Santa ; Editing by Peter Graff and Paul Taylor
Some traders also cited speculation about additional the United States sanctionsEmbargo, although there were no indication of any news reports on this .
A summary of EU 's latest sanctionsEmbargodecisions against Venezuela is on : here Additional reporting by Tom Koerkemeier , Julia Fioretti and Martin Santa ; Editing by Peter Graff and Paul Taylor
The measures , which one of the sources said represented `` preliminary thinking , '' would expand sanctionsEmbargothe Obama administration announced in July and banProhibitingU.S. and EU cooperation on all energy services and technology in the unconventional oil fields .
In response , Iranian President Hassan Rouhani said in a speech broadcast on state TV that Iran would break the sanctionsEmbargoand continue to sell oil .
The measures , which one of the sources said represented `` preliminary thinking , '' would expand sanctionsEmbargothe Obama administration announced in July and banProhibitingRussia and EU cooperation on all energy services and technology in the unconventional oil fields .
MOSCOW/LONDON -LRB- Reuters -RRB- - Russian fuel exports to Europe could surgeMovement.up.gainnext year due to tax changes and a slumpMovement.down.lossin domestic demand , stemming from a recession brought on in part by Western sanctionsEmbargo, analysts say .
BP will study the sanctionsEmbargoand `` as always we will comply with all applicable sanctionsEmbargo, '' said spokesman Brett Clanton .
BP will study the sanctionsEmbargoand `` as always we will comply with all applicable sanctionsEmbargo, '' said spokesman Brett Clanton .
Iran also vowed a quick return to the center stage as a leading producer , but only once international sanctionsEmbargoover its nuclear program are withdrawn .