Iraq can fill the gap in the world oil market

5/15/2018

Expert for {morning}:
Baghdad / Farah pumice
said an economic expert that Iraq able to fill any shortage of oil supplies in world markets after the decision of US President Donald Trump US withdrawal from the nuclear deal with Iran, and re - impose sanctions on it, stressing that the Iraqi economy will not Is heavily influenced by Washington's sanctions on Tehran.

Brent crude <LCOc1> was at $ 76.79 a barrel, down 33 cents, or 0.4 percent, from the last settlement. WTI was trading at $ 70.44 a barrel, down 26 cents, or 0.3 percent.

The highest level last week Brent scored WTI highs since November 2014 at $ 78 and $ 71.89 respectively , the markets expect decline in Iranian oil exports with a lot with the onset of the impact of US sanctions later in the year.


"It is likely that about one million barrels of global oil markets will disappear if US sanctions are applied to Iran," said Greg McKenna of AxiTrader.

"But it is not certain that it will have the effect as they intend. Germany said it would protect its companies from US sanctions.

Iran said Total did not withdraw from its fields.
Oil supplies , said economist Rahim Shammari told the "morning": that "Iraq is able to compensate for any shortage in oil supplies, but we do not wish to impose any sanctions on any country in the region, because it harms the interests of Iraq, especially the stability of the region is an important factor for prosperity "He said.

"Iraq's economy can be affected by US sanctions, but not as many as some expect, because Iraq relies heavily on oil imports, and since oil prices are rising, they can compensate for any economic damage on
another side, " he said.

Analysts had previously attributed the strong price rise to an expected drop in Iranian oil exports. "Iran's oil exports to Asia and Europe are almost certain to decline later this year and in 2019 with Some countries discussed alternatives to avoid trouble with Washington, and with the onset of sanctions. "

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