Iran's oil sanctions hurting many countries

Moscow, Oct 13, IRNA- Chairman of the Center for Research on the Dimensions of Regional Policy of US Military Policy at the Canadian and American Institute in Russia announced that Iran's oil sanction by the White House will hurt Washington's relations with many countries due to the damage to their economies.

Vladimir Batiyuk said in an interview with IRNA in Moscow that Iran's oil sanctions will lead to a sharp rise in oil prices in the global market, which will harm the economy of many countries in the world.

'Today, Iran exports more than two million barrels of oil per day, and it's just a matter of Iran's sanctions, but we see that the price of oil in the global market has risen above $80 a barrel,' the Russian analyst said.

He added that if the US sanctions on Iran were to be implemented on November 4, the price would exceed $100 per barrel.

But the US efforts to increase OPEC oil production and exports are in vain and the member-states of the organization will not be able to compensate for the shortage of markets if Iran's oil exports stopped, Batiyuk said.

'Global oil market is slipping over US actions and Trump interventions, and Washington is responsible for rising oil prices,' he added.


Follow us in Twitter @IrnaEnglish