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Oil market is fragile due to US pressures on Iran, Venezuela - Mr Zanganeh

Gasoil News - Published on Wed, 17 Apr 2019

Image Source: Majlis-E-Ulama-E-Hind
Mr Bijan Zanganeh, Iran’s oil minister said that the supply-demand balance in the global oil market is fragile due to US sanctions on Iran and Venezuela and tensions in Libya, and warned of consequences for increasing pressures on Tehran. Oil prices have risen more than 30 percent this year on the back of supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and US sanctions on oil exporters Iran and Venezuela, plus escalating conflict in OPEC member Libya.

Quoted as saying by Tasnim news agency “Oil prices are increasing every day. That shows the market is worried.”

Mr Zanganeh said that “Venezuela is in trouble. Russia is also under sanctions. Libya is in turmoil. Part of US oil production has stopped. These show the supply-demand balance is very fragile. If they (the Americans) decide to increase pressures on Iran, the fragility will increase in an unpredictable way.”

The US reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between it and six world powers. The sanctions have already halved Iranian oil exports.

US President Mr Donald Trump eventually aims to halt Iranian oil exports, choking off Tehran’s main source of revenue.

Source :

Posted By : Rabi Wangkhem on Wed, 17 Apr 2019
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