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Russia's oil spats with Saudis mask bigger Iranian threat

The restoration of Iran's supplies to Europe could amount to US$420,000 a day in lost earnings for Russia

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A droplet of petroleum drops from a fuel nozzle at Royal Dutch Shell Plc's 150th gas station on its opening day in Moscow, Russia, on Wednesday, on July 8, 2015.

Moscow

COMPETITION is growing in Russia's biggest oil market. While Saudi Arabia's encroachment in Europe is getting all the attention, the biggest threat comes from another part of the Middle East - Iran.

The world's largest oil exporter has started shipping crude to traditional

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