Other OPEC members will not be able to compensate for missing Iranian oil supplies after US sanctions against Tehran enter into force in November, local media reported on Monday citing Iran's envoy to OPEC Hossein Kazempour Ardabili.
MOSCOW (Pakistan Point News / Sputnik - 24th September, 2018) Other OPEC members will not be able to compensate for missing Iranian oil supplies after US sanctions against Tehran enter into force in November, local media reported on Monday citing Iran's envoy to OPEC Hossein Kazempour Ardabili.
Ardabili said OPEC members would not be able to compensate for the supply of some 2,300,000 barrels of Iranian oil per day, the IRNA news agency reported.
Moreover, the US sanctions are very likely to lead to a sharp increase in oil prices, the Iranian envoy suggested, adding that it could set the international community against the United States.
The United States started reimposing sanctions on Iran after withdrawing from the Iran nuclear deal in May. In early August, Washington imposed the first package of sanctions targeting Iran's purchase of US Dollar banknotes, trade in gold and other metals as well as transactions involving its national Currency.
The second package is set to be introduced in early November and hit Iran's energy sector and oil exports, among other things.
