Report: New US sanctions against Iran may raise oil price to maximal $80

Report: New US sanctions against Iran may raise oil price to maximal $80

Baku. 26 November. REPORT.AZ/ The new US sanctions imposed against Iran for already three days are designed to hinder the international activity of the national oil companies of a number of countries.

Report's analysts consider that another aim is to cease the links of Iranian financial system with the foreign countries.

US Secretary of State Mike Pompeo noted in a statement on sanctions that the sanctions waiver is intended for eight countries cooperating with Iran. These include Turkey, China, India, South Korea, Greece, Italy, Japan and Taiwan that cannot do without Iranian oil. Official Washington took into account the difficulties they may encounter without Iranian oil.

Notably, Iran's oil output is decreasing amid sanctions. Iran which earlier produced nearly 3 million bpd of oil has now reduced the volumes to 2 million.

Report's analytical group believes that pulling Iran's out of the world oil markets may prompt increase in oil prices. But the price won't exceed $80 per barrel, because other OPEC countries, including Saudi Arabia and non-OPEC countries including Russia, will gradually compensate for the created gap. 

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