Oil markets could cope with any loss of Iranian oil exports tied to sanctions, including an abrupt cut to the European Union, a top official with the International Energy Agency said Monday.
Oil markets could cope with any loss of Iranian oil exports tied to
sanctions, including an abrupt cut to the European Union, a top official with
the International Energy Agency said Monday.
But the consumer watchdog warned the standoff between
Iran
and
the West was bringing the burden of oil prices on the global economy to near levels
last seen in 2008.
In an interview with Dow Jones Newswires, Didier Houssin, IEA director for
energy markets and security, said that "there are alternative supplies
that can make up for any loss of Iranian exports."
In the second half of this year, any loss of Iranian oil supplies should be
compensated by additional spare capacity in the
United
Arab Emirates
,
Nigeria
and
possibly
Saudi Arabia
and
higher production in countries outside the Organization of Petroleum Exporting
Countries, he said.
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