DAVOS, Switzerland: Royal Dutch Shell will implement the terms of the European Union embargo on Iranian crude but will need some time to study the details of the sanctions, chief executive Peter Voser said on Friday.

"We are a European company and therefore we are affected by the sanctions and we will obviously oblige and implement the sanctions. I need to study all the details in order to see how it goes forward in the next few months," Voser said at the annual World Economic Forum in Davos.

Asked by reporters who would benefit or lose from the EU measures against the Islamic Republic, Voser replied:

"From a pure commercial prospective, the losers are consumers because at the end of the day it gives us more volatility and upwards pressure on the oil price."