Iran warning-Global oil supply and demand will be out of bal
17/04/2019

Iranian oil minister said on Monday that U.S. sanctions against Iran and Venezuela and tensions in Libya had weakened the balance of supply and demand in the global oil market and warned that continued U.S. pressure on Iran would exacerbate the consequences, Reuters reported.
 
Oil prices have risen more than 30 percent this year as OPEC has cut supplies, we have imposed sanctions on oil exporters Iran and Venezuela, and the military conflict in Libya has escalated.

The sanctions were renewed in November after the United States withdrew from the Iran nuclear deal. The sanctions have halved Iran's oil exports. Trump's ultimate goal is to block Iranian oil exports and strangle Iran's main source of revenue. The United States has been pressuring Iran to curtail its nuclear program and stop supporting militants in the Middle East.

The organization of the petroleum exporting countries and its Allies will meet in June to decide whether to continue cutting supplies. While Saudi Arabia, OPEC's DE facto leader, is seen as keen to keep cutting production, sources within the group say it could start ramping up production from July if supply disruptions continue elsewhere.