22.08.201901:43 Forex Analysis & Reviews: Under siege of sanctions: the market lost about 2.7 million barrels of Iranian oil

According to information and analytical agency Refinitiv Eikon, last month, oil exports from Iran amounted to only 100 thousand barrels per day. According to analysts, Washington's sanctions on Tehran have robbed the global black gold market of nearly 2.7 million barrels of Iranian oil.

Analysts at Refinitiv Eikon note that the United States eliminated Iran from the global market for the supply of raw materials. After the imposition of sanctions against Tehran in November 2018, 11 countries of the world had the exclusive right to buy Iranian oil. However, in May 2019, these counties lost their privileges. US authorities hoped to reduce the export of Iranian raw materials to zero, and now they are succeeding, analysts say. The world market has not received about 2.7 million barrels of black gold from Iran, and this is not the limit.

It should be noted that since restrictions started November 2018, the Islamic Republic has not provided official data on oil exports, so it is difficult to assess the exact losses.

Since the beginning of this year, Brent crude oil has risen in price on the world market by 11.3%, and light grade WTI - by 23.7%. Now the reference raw material is trading slightly below $60 per barrel, which is much less than the 2019 high of $75.60 per barrel. Analysts believe that we should not expect a steady increase in oil prices in the near future, as a number of factors put pressure on the market. These include concerns about a slowdown in global demand, a protracted trade conflict between the United States and China, the extension of the OPEC+ agreement to limit oil production, as well as US sanctions against Iran and Venezuela.