Iran sanctions to hurt oil market
A disruption in Iran's crude oil exports because of a dispute over that country's nuclear programme would further crimp the already tight global oil market and lead to higher petroleum prices, the head of the US Energy Information Administration warned.
'The market is so tightly balanced, clearly, we can't afford to lose a large supply of crude to the market,' EIA chief Guy Caruso told Reuters in an interview.
Though the US does not directly import Iranian crude, Caruso said a cutoff of Iran's oil would affect the US market because other countries that buy Iranian crude would compete with America to find new supplies, said a report in Gulf News.
( Full story here )
'The market is so tightly balanced, clearly, we can't afford to lose a large supply of crude to the market,' EIA chief Guy Caruso told Reuters in an interview.
Though the US does not directly import Iranian crude, Caruso said a cutoff of Iran's oil would affect the US market because other countries that buy Iranian crude would compete with America to find new supplies, said a report in Gulf News.
( Full story here )
posted by Oil Shock at 10:56 AM
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