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| Iran sanction could tighten global oil market: Goldman Sachs |
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Goldman Sachs Group Inc. warns that sanctions against Iranian oil export would tighten global oil supply and raise the oil price in the second half of 2012.
Sanctions against Iran have limited oil supplies and global economic growth is strong enough that overall output may stay short of demand in the second half this year, according to Goldman.
Oil in New York climbed 14 percent in the past year and sanctions against Iran can raise the oil price more in the current year, Jeffrey Currie, an analyst at Goldman Sachs, said in the report.
Previously, analysts had warned that oil prices may surge to $150 per barrel in case the U.S. and EU-led oil embargo against the country takes full effect.
New financial sanctions and oil embargoes, imposed by the U.S. and the EU against Iran since the beginning of 2012, have been adopted under the pretext that the country’s civilian nuclear energy program.
(Source: Bloomberg)
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