The bid to bring down Iran exports to zero comes amid supply cuts led by Opec since the start of 2019
A gas flare burns at Russian oil refinery, operated by OAO Lukoil. in Russia. Picture: BLOOMBERG
Crude futures rose to 2019 highs earlier in the week after the US said on Monday it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington. US sanctions against Iran have denied its government more than $10bn in oil revenue since President Donald Trump first announced the move in May 2018, a US official said on Thursday.
The US decision to try and bring down Iran oil exports to zero comes amid supply cuts led by Opec since the start of 2019 aimed at propping up prices.Despite this, Capital Economics said “we still expect oil prices to fall this year as sluggish global growth weighs on oil demand, US shale output grows strongly and investor aversion to risk assets like commodities increases”.
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