Oil market on alert as Iran sanctions hit


Oil market on alert as Iran sanctions hit

US sanctions against importers of Iranian oil threaten the crude oil market’s precarious balance and risk surging prices, all under Saudi Arabia’s watchful gaze, according to experts.

“In the next weeks all eyes will be on Iranian exports, whether there will be some cheating around US sanctions, and on how quickly production will fall,” said Riccardo Fabiani, an analyst for Energy Aspects.

The US will from Monday target buyers of Iranian oil in order to deprive Tehran of its main source of income.

Going after Iran’s oil money will hit Tehran where it hurts, but it also means hitting a major pillar of the global oil market — Iran is the OPEC cartel’s third-largest producer — with major consequences for world supply. Read More

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