'Many countries will be harmed if Iran's oil sale is stopped'

Andrew Cummings
April 28, 2019

Putin also said Russian Federation will not immediately raise oil output after the USA ends sanctions waivers for buyers of Iranian crude. The measure comes into effect on May 2.

The United States announced this week that, in a bid to reduce Iran's oil exports to zero, it would from May 2 end USA waivers that countries such as India, China, South Korea and Turkey now have on buying Iranian crude.

Earlier in the day, he had said his efforts to persuade OPEC oil producers to increase output were working and gasoline prices were coming down.

He also said that it will not be easy to find an alternate for Iran's oil.

President Donald Trump said he's spoken to Saudi Arabia and other countries about increasing oil flow and that "all are in agreement". Apart from that, Washington is reportedly seeking to bring American oil to the global markets, which may become available due to the ban.

Eight countries including China, India and Turkey had been given temporary waivers by the U.S. when it reimposed sanctions on Iran past year.

If the US' decision could really bring Iranian exports to zero, Tehran would take stern measures to retaliate, according Roman Blinov, head of the Analytical Department at the International Financial Center.

But analysts say that the United States getting anywhere close its stated goal of reducing Iranian crude exports to zero are slim to none, and the impact of other events weighing on the price - such as political risk in Libya and Venezuela - have been overstated.

"In the next few weeks, the kingdom will be consulting closely with other producing countries and key oil consuming nations to ensure a well-balanced and stable oil market", Al-Falih said, per Bloomberg.

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