Thursday, July 18, 2019

OPEC could Compensate for Sanction-Related Iranian Supply Drop

Posted by August 29, 2018

OPEC will discuss in December whether producers can compensate for a sudden drop in Iranian oil supply after U.S sanctions against Tehran start in November, the head of Iraq's state-oil marketer SOMO, Alaa al-Yasiri, told Reuters on Wednesday.

Yasiri said a sudden drop in Iran oil exports will have a negative impact on prices and market fundamentals.

Iraq has resumed crude shipments to Iran from its Kirkuk oil fields following a few days stoppage due to logistical issues, he said, adding that so far Iraq had only shipped 500,000 barrels and hopes to ship a total of 1 million before the November sanctions kick in.

Reporting by Ahmed Rasheed

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