Iran sanctions could make maintaining the planet’s oil supply ‘very challenging,’ IEA says

On Tuesday, President Donald Trump’s administration reinstated sanctions targeting the Iranian government’s purchase of U.S. dollars, Tehran’s trade in gold in addition to some other precious metals, in addition to the item’s automotive industry.

The U.S. president also warned in which unless Iran — which will be a member of the Organization of the Petroleum Exporting Countries (OPEC) — complies with U.S. demands, Washington will look to impose far tougher measures in early November.

The second batch of potentially more damaging sanctions will target Iran’s port operators, as well as the item’s energy, shipping in addition to shipbuilding industries. Petroleum-related transactions in addition to dealings between foreign financial organizations in addition to the Central Bank of Iran will also be impacted.

“Certainly from the short term, there are no serious issues about supply because we have seen oil production in Saudi Arabia increase, in Russia increase in addition to in one or two some other Gulf countries,” Neil Atkinson, head of the oil industry in addition to markets division at the IEA, told CNBC’s “Street Signs” on Friday.

“however as we say from the report, although things may be cooling down a little bit right at This kind of point, we cannot get away via the fact in which later from the year … We could be in a different situation where supply may be more constrained in addition to there could then perhaps be a risk of the oil cost increasing,” he added.

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