Listen Live
    Iranian oil technician checks the oil separator facilities in Azadegan oil field, near Ahvaz, Iran (File)

    US Expects Zero Impact on Global Oil Markets From Iran Sanctions - Envoy

    © AP Photo / Vahid Salemi
    Get short URL

    WASHINGTON (Sputnik) - The United States anticipates no adverse impact on global oil markets as a result of the re-imposition of sanctions on Iran that were lifted under a multinational nuclear deal, Special Representative for Iran Brian Hook told reporters on Monday.

    "We don't see any risk to the [global] energy market because the United States has increased its crude oil production," Hook said. "We're up by 1.7 million barrels per day. Our exports are up 1 million barrels. Over the next year, US production will increase by 1 million barrels per day or more. The Saudis have increased production. Iraq, Russia, they've all increased production."

    READ MORE: Pompeo Reveals Countries Exempt From Iran Oil Sanctions

    Hook noted that oil prices today are about equal to prices in May when the Trump administration scrapped US participation in the nuclear deal.

    The Special Representative explained that Iran had lost "tens of billions of dollars" in planned international investments during the past six months, due to decisions by more than 100 major companies to sever commercial ties with Tehran.

    "We have had more than 20 countries that imported Iranian oil prior to May have now zeroed out their imports because of our sanctions," the official added.

    In May, US President Donald Trump announced that the United States would withdraw from the Iranian nuclear deal, and reimpose its sanctions against Iran that had been lifted under the agreement. The first round of the US restrictions entered into force in August, and a second, more severe round came into effect on Monday.


    Japan Seeks to Get Expanded Waiver From US on Iranian Oil Imports Ban - Reports
    Pompeo, Mnuchin Hold Press Conference on Re-imposing Sanctions on Iran (VIDEO)
    Pompeo Reveals Countries Exempt From Iran Oil Sanctions
    US Sacrifices Nuclear Nonproliferation Goals to Slap Sanctions on Iran – Moscow
    anti-Iranian sanctions, Oil, sanctions, Brian Hook, Iran, United States
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik