Energy Industry

[On climate change] We should be looking at the options for removal of all the major greenhouse gases. After CO₂ [carbon dioxide], methane is the next leading candidate.

[On potential attempts by China and India to set up a trading bloc to buy Iranian oil without going through U.S. banks] This is a tricky thing for us. Mechanisms that move away from pricing oil in U.S. dollars is really not the best for us in the long run.

[On Iranian oil sanctions] But I also do not think Iran will be able to export 'as much crude as it needs and wishes.' Some will be willing and able to work around the U.S. sanctions, particularly in China where some banks are already under U.S. sanctions. But Iran will not be able to export as much oil as it is now – the penalty for those importing is likely to be too great. 

[On the Trump administration's decision to lift waivers on Iranian oil importers] Oil markets today seem to be torn between opposing sentiments - concern about tight supply with the situations in Venezuela and Libya plus the end of waivers for purchases from Iran, and concern about the possibility of slowing economic growth and resulting slowing oil demand. The Iran sanctions announcement certainly increases concern about the first factor.