May 16, 2019 19:08 Asia/Tehran
  • Iran sanctions plunges oil market uncertainty: Russian Energy minister

The Russian energy minister stressed that the impact of the US sanctions on Iran has not yet been identified in the oil market and the market situation is ambiguous.

Iran Press/Europe: Alexander Novak, without giving further explanation about possible changes in the oil market following new US sanctions against Iran, said that OPEC Plus members (OPEC members and non-OPEC producers) do not know yet how tightening sanctions on Iran will affect the global oil market.

He added that new tariffs are being introduced every day, and the dimensions of the wars expand, which will affect world oil consumption forecasts, Iran Press reported.

Russia's energy minister added that the final decision on the level of OPEC production will be taken during the OPEC meeting on June 25-26, at which the current and future issues of the oil market will be assessed.

Since two weeks ago, US has ended what it describes as sanctions waivers for countries who import Iranian crude oil, stating that those who continue to do so will be subject to American unilateral sanctions.

In 2018, Washington also announced that it would bring Iran's oil exports to zero, but failed to implement this policy, and it was forced to exempt countries such as China, India, Japan, South Korea, Turkey, Italy, Greece, and Taiwan from oil sanctions against Iran.

However, countries like Turkey and China have rejected the White House's anti-Iran action, saying they will not care about the sanctions. 213

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