US Expects Zero Impact on Global Oil Markets From Iran Sanctions - Treasury Dept.
The United States anticipates no adverse impact on global oil markets as a result of the re-imposition of sanctions on Iran that were lifted under a multinational nuclear deal, US special envoy for Iran Brian Hook told reporters on Monday.
"We don't see any risk to the [global] energy market because the United States has increased its crude oil production," Hook said. "We're up by by 1.7 million barrels per day. Our exports are are up 1 million barrels. Over the next year, US production will increase by 1 million barrels per day or more.
The Saudis have increased production. Iraq, Russia, they've all increased production."
Hook noted that oil prices today are about equal to prices in May, when the Trump administration scrapped US participation in the nuclear deal.
In May, US President Donald Trump announced that the United States would withdraw from the Iranian nuclear deal, and reimpose its sanctions against Iran that had been lifted under the agreement. The first round of the US restrictions entered into force in August, and a second, more severe round came into effect on Monday.