Tuesday, 24 Nov 2020

The impact of sanctions on Iran .. US expects oil prices to rise to 120 dollars

Baghdad, Iranian crude exports will fall significantly this month and next month, and the rate of acceleration will decline as the United States seeks to make Iranian's current customers cut Iranian oil imports to a level / Zero /.

According to a recent report by the Bank of America, the total reduction of Iranian exports would lead to higher prices to above $ 120 a barrel, noting that the United States caused last July to reduce about 500 thousand barrels of Iranian oil in the market.

The report pointed to "the intensification of the efforts of the US administration to persuade as many countries as possible to drop imports of Iranian crude over the past month and months to come," pointing to "estimates for many analysts now that there is a million barrels per day on the way to reduction, a more realistic assessment compared to the initial estimates Of about 500,000 barrels per day. "

"Although trade wars pose a major threat to oil demand, the market remains" more concerned "about the sanctions imposed on Iran, stressing that in return for every reduction of about one million barrels per day of global supply we see an impact and stimulate the growth of the price of crude Brent at about $ 17 per barrel. "

Source: National Iraqi News Agency

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