Oil market fragile due to U.S. sanctions: Zanganeh

April 15, 2019

TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh said the U.S. sanctions on Iran and Venezuela and the growing conflicts in Libya are disturbing the supply-demand balance in the market, making it fragile.

“If the United States decides to increase the pressures on Iran, the oil market will become more fragile” IRNA quoted Zanganeh as saying on Sunday.

"Oil prices are going up every day. That shows the market is worried," the minister said.

Zanganeh noted that Trump should choose between increasing pressure on Iran and keeping his country’s fuel prices low.

"Venezuela is in trouble. Russia is also under sanctions. Libya is in distress. Part of U.S. oil production has stopped. These show the supply-demand balance is very fragile," Zanganeh said.

The U.S. reimposed sanctions on Iran in November after withdrawing from the 2015 nuclear accord between the Islamic Republic and six world powers.

The sanctions targeted Iran's oil sector, financial transactions and banks, as well as shipping and ship-building industries in order to cut off the country’s revenue sources.

EF/MA

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