Iran says Trump’s oil bans to backfire on US
Iran says the US would eventually shoot itself in the foot if it sanctions purchases of Iranian oil by international corporations.
Iran's OPEC governor Hossein Kazempour Ardebili was quoted by media as saying that US President Donald Trump's pressure on international firms not to buy Iranian oil would drive prices higher and end up hurting the American economy.
Ardebili also emphasized that oil should not be used as a weapon or to make political gains.
"Trump's demand that Iranian oil should not be bought, and (his) pressures on European firms at a time when Nigeria and Libya are in crisis, when Venezuela's oil exports have fallen due to US sanctions, when Saudi's domestic consumption has increased in summer, is nothing but a self harm," he was quoted as saying by Iran’s Shana news agency in a report that was also carried by Reuters.
"It will increase the prices of oil in the global markets," he said. "At the end it is the American consumer who will pay the price for Mr. Trump's policy," Ardebili added.
In May, US President Donald Trump announced that he would pull America out of a 2015 nuclear agreement with Iran and re-impose the sanctions that the deal had envisaged to be lifted.
He has already emphasized that the sanctions which would be imposed on Iran would be “at the highest level”.
The sanctions would include a universal ban on Iran over buying or acquiring US dollars as well as restrictions over purchases of crude oil from the country and investing in its oil sector projects.
Earlier, experts said disruption to crude oil supplies from Iran as a result of US sanctions could push oil prices to as high as $90 a barrel.
“We are in a very attractive oil price environment and our house view is that oil will hit $90 by the end of the second quarter of next year,” Hootan Yazhari, head of frontier markets equity research at Bank of America Merrill Lynch told CNBC.
“We are moving into an environment where supply disruptions are visible all over the world, and of course President Trump has been pretty active in trying to isolate Iran and getting US allies not to purchase oil from Iran,” he added.
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