08:19 GMT26 February 2021
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    ABU DHABI (Sputnik) - The efforts of the OPEC and non-OPEC oil producers aimed at stabilization of the oil prices, as well as the latest US sanctions targeting Iran's oil exports, may lead to fluctuations between $60 and $80 per barrel in the short term, International Energy Forum (IEF)Secretary-General Sun Xiansheng told Sputnik on Tuesday.

    "Oil-producing countries are seeking the balance right now. The oil prices fluctuations are reasonable. I expect the range from $60 to $80 per barrel in the short term. We have to see how the meeting of the OPEC goes and also the decisions of the United States," Sun said on the sidelines of the ADIPEC conference in Abu Dhabi.

    READ MORE: US Waivers on Iran Oil Import Have No Impact on Prices — Oman Oil Minister

    Addressing the US sanctions on Tehran, the Secretary-General mentioned that waivers, which Washington granted for some oil importers provide enough time for these countries to shift markets and find some other sources of hydrocarbons.

    "The United States gave concessions to eight countries for the sake of stability in the region and interests of these buyers [of Iranian oil]. These sanctions have a big negative effect on these countries and also are no good for the international economy. The waivers are the right way. They provide a flexibility for both sides. These waivers provide enough time to [importers of Iranian oil] to shift the market and choose some other suppliers," he stated.

    On Sunday, Abu Dhabi hosted a meeting of the OPEC and non-OPEC Joint Ministerial Monitoring Committee. The participants examined a report compiled by the OPEC secretariat that called for a decrease in the current level of oil production. While it also acknowledged the possible threat of excess oil production in 2019, it did not recommend cutting production, favouring continued observation of the oil market instead.

    READ MORE: Iranian FM: US Sanctions Cannot Have Dramatic Impact on Oil Exports

    Several days before that, on November 5, the US reinstated sanctions against Iranian oil imports, following Trump's decision to withdraw from the Iranian nuclear deal. However, eight countries — China, Greece, India, Italy, Japan, South Korea, Taiwan, and Turkey — were granted waivers. At the same time, the United States is planning to eventually introduce sanctions against all imports of Iranian oil.

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    Tags:
    Oil, oil prices, sanctions, International Energy Forum, OPEC, Iran, US
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