[ad_1]
Earlier this year, OPEC decided to start increasing production in order to stabilize markets and offset the losses of major suppliers, Iran and Venezuela, OPEC's third and sixth largest producers, respectively.
Tehran is facing the loss of most of its energy export markets, as the Trump government prepares to impose sanctions on the Iranian crude oil industry as of November 4. This decision is expected to have an immediate impact on Iran, although exact estimates from the country that oil could disappear varies greatly.
Some energy market analysts expect 500,000 barrels per day to disappear when US sanctions against Iran come into force, while others have warned that up to 2 mb / d could emerge over the next few weeks.
Washington has also increased pressure on global buyers of Iranian crude by demanding that they completely cut off the Islamic republic. This would be part of a sustained effort to undermine the Iranian crude industry, with the aim of forcing the country to negotiate a new nuclear deal.
However, the United States has since said it could consider exemptions for countries that have already shown efforts to reduce their imports of Iranian oil.
"Global demand and supply of oil are now close to new, historically record-breaking sources at 100 million barrels a day, and show no signs of stopping growth in the near future," said the company. ;OUCH.
"The demand engines are still very strong, petrochemicals being a major factor," the group added.
Source link
