Business Standard

OPEC to discuss compensating for Iranian supply drop after U.S. sanctions - Iraqi official


BAGHDAD (Reuters) - OPEC will discuss in December whether producers can compensate for a sudden drop in Iranian oil supply after U.S sanctions against Tehran start in November, the head of Iraq's state-oil marketer SOMO, Alaa al-Yasiri, told Reuters on Wednesday.
Yasiri said a sudden drop in Iran oil exports will have a negative impact on prices and market fundamentals.
Iraq has resumed crude shipments to Iran from its Kirkuk oil fields following a few days stoppage due to logistical issues, he said, adding that so far Iraq had only shipped 500,000 barrels and hopes to ship a total of 1 million before the November sanctions kick in.
(Reporting by Ahmed Rasheed; Writing by Ahmed Aboulenein; Editing by Kirsten Donovan)

Disclaimer: No Business Standard Journalist was involved in creation of this content

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Aug 29 2018 | 11:52 PM IST

Explore News