New US Sanctions against Iran to Disrupt Global Oil Market: ENI Chief

The CEO of Italian oil and gas giant ENI warned against the reimpositoin of US sanctions against Iran, saying it could disrupt the global oil market as the Islamic Republic is OPEC's third-largest oil producer.


"The impact is more for the crude oil price, because Iran now is exporting about 2.6 million barrels (per day), and if we go back to the first sanctions, they were exporting 1.5 million," Claudio Descalzi told CNBC's Hadley Gamble on the sidelines of the ADNOC Downstream Investment Forum in Abu Dhabi on Sunday.

When sanctions were imposed by the Barack Obama administration on Tehran in 2012, Iran's oil exports dropped to approximately 1.5 million barrels per day (bpd). Since the export restrictions were lifted in 2015, as part of the 2015 nuclear deal between Tehran and world powers, that figure increased by more than 1 million.

The vast majority of Iran's oil exports, more than 1.5 million bpd, goes to China, India, Japan and South Korea. Japan and South Korea have already signaled they will try to seek waivers from the US to continue buying Iranian crude.
  (Tasnim)
 13/5/18