Novak: oil price has already taken into account the risk of sanctions against Iran and balanced

ECONOMY

JOHANNESBURG, July 27. /Basereporter.com/. Current oil prices near $74 a barrel already take into account the risk of US sanctions against Iran, the market is balanced. This opinion was expressed to journalists by the Minister of energy of Russia Alexander Novak on the sidelines of the BRICS summit.

“I think that now the market once all these factors are taken into account (sanctions against Iran), has stabilized,” said he, answering the relevant question.

Novak said that despite the “verbal intervention”, the price of oil is kept at “$73-74 plus or minus a few dollars.”

Us sanctions against Iran, restricting its oil exports may be imposed in November, said recently U.S. Secretary of state Michael Pompeo. After November 4, all purchases of Iranian oil will be considered illegal, he said. While Pompeo added that some buyers can be made exceptions to the diversification of supplies, but to do this they must submit an appeal to the US administration.

According to the International energy Agency, the exports of Iran after the sanctions may fall by 40-50%, or 1.2 million barrels per day.

Iranian oil exports in may totaled 2.5 million barrels per day. Of these, about 1.6 million barrels have been in Asia, where the major consumers are China and India (700 thousand barrels per day). Deliveries to Europe in may amounted to 380 thousand barrels per day.

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