News ID: 215716
Published: 0701 GMT May 26, 2018

US pulling out of Iran Deal to cause oil price to soar: Russian oil boss

US pulling out of Iran Deal to cause oil price to soar: Russian oil boss

US President Donald Trump's unilateral decision to withdraw from the Iran Deal could knock five percent of global oil production offline and drive the oil price to unpredictable highs, Rosneft CEO said, according to media.

“Such sanctions and ultimatums applied to the hydrocarbons market will inevitably lead to a permanent 'sanctions premium' in the price,” Chief Executive Officer of Russian oil giant Rosneft Igor Sechin said, according to Forbes, IRNA reported.

Saying that the US's decision would cause an inevitable reduction of Iranian barrels in the global supply pool, Sechin said at the St Petersburg International Economic Forum on Friday, “I have to say that the US has consistently pursued the policy of non-acceptance of international agreements, which would allow challenging their actions on global platforms. In fact, judicial protection and fair market arbitration are off the table.

“Projections by leading analysts and companies, including an outlook on global energy development recently released by BP show that the demand for hydrocarbons will be higher by 2040 than it is today, even in most challenging scenarios.”

On May 8, affronting the UN Security Council, the EU, Britain, Russia, China, Germany, France, and the whole world that have supported the landmark Iran Deal, Trump decided to pull out of the Joint Comprehensive Plan of Action (JCPOA), which was the fruit of 12 years of strenuous efforts and talks.


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