Current US sanctions on Iran are unlikely to stop Iranian oil exports completely, a long-time adviser at Saudi Arabia’s Energy Ministry said on Tuesday, adding Iran would be unable to close the straits of Hormuz and Bab Al Mandeb even partially.
Speaking at an oil conference in the Norwegian city of Stavanger, Ebrahim Al Muhanna said Iran would be the first to lose out on a move to block those major shipping routes and that any such action would trigger further sanctions on Iran.
“Current sanctions are unlikely to stop Iranian oil exports completely, as almost all experts agree. I mean, they will continue to export 1 million (barrels per day) or so. So closing that Strait of Hormuz will damage the Iranians as much as damaging others,” he said.
Iran has said if it cannot sell its oil due to US pressure, then no other regional country will be allowed to do so either, threatening to block the Strait of Hormuz.
“The amount of oil going through the Strait of Hormuz is so large. There’s more than 18 million barrels a day, about two thirds of world maritime oil trade. Meaning, cutting oil from there will lead to an acute oil shortage and prices will skyrocket,” Al Muhanna said.
“Is Iran able or willing to close completely, or even partially, the Strait of Hormuz or Bab Al Mandeb, or both? The answer is no, and a really big no.”
US President Donald Trump pulled out of a 2015 pact between Iran and major world powers under which sanctions were lifted in return for Tehran accepting curbs on its nuclear programme. The Trump administration then announced unilateral plans to restore sanctions against Tehran.
GMT 13:01 2018 Monday ,22 January
Trump lashes out ahead of vote to end shutdownGMT 13:06 2018 Sunday ,21 January
Trump and 'Davos Man': best of enemiesGMT 11:43 2018 Friday ,19 January
Calls for action over dirty money flowingGMT 14:39 2018 Thursday ,18 January
Watchmakers hope to make Chinese market tickGMT 14:28 2018 Thursday ,18 January
Economists call for overhaul of eurozone fiscal rulesGMT 12:57 2018 Wednesday ,17 January
Trump visit set to eclipse Davos meetGMT 09:19 2018 Tuesday ,16 January
No Brexit deal would cost Scotland £12.7bn: studyGMT 12:14 2018 Monday ,15 January
As Trump clamps down, migrant workers have much to loseMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor