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America could allow more Iranian oil to flow without a nuclear deal

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Vitol, the largest independent oil trader, said the US could allow more sanctioned Iranian oil to enter global markets even without reviving the 2015 nuclear deal.

While a new deal would limit Iran’s nuclear activities and ease US sanctions on its energy exports, talks between Tehran and world powers are in stall since last March. Oil traders don’t expect any deals to be made.

However, according to Yahoo Finance and seen by Al Arabiya.netUS President Joe Biden may decide that the need to cut prices record pumping ahead of November’s mid-term elections outweighs the advantage of tight sanctions.

For his part, the head of the Asian division of the Vitol Group, Mike Mueller, said today, Sunday, in an audio broadcast produced by Gulf Intelligence, “America could allow some more of this oil to flow.” “If the need to lower gas prices in America dominates the mid-term elections, turn a blind eye in some way on the flow of sanctioned barrels is something you might expect to see. “

This comes when the United States seized oil from an Iranian-flagged ship off the coast of Greece last month, followed days later by Tehran’s seizure of two Greek oil tankers in the Persian Gulf. But Washington’s move is unlikely to signal the start of further US oil tanker hijacking, according to Mueller.

On the other hand, questyear Iran increased its oil exports and most of the increase was directed primarily to China. According to energy analysts, a new nuclear deal will lead to the arrival on international markets between 500,000 and 1 million barrels per day, enough to affect prices. Iran also has around 100 million barrels of stored oil that can be sold quickly.

Crude oil prices have increased by more than 50% questyear at nearly $ 120 a barrel, mainly due to the fallout from the Russian invasion of Ukraine. While many Republicans and some Democrats oppose any lifting of Iranian sanctions, Biden is under severe pressure to cut gasoline prices, which have soared to over $ 4.80 per gallon in the United States.

Price trend

Mueller said Thursday’s OPEC + decision to accelerate production increases is unlikely to have a significant impact. This is due to the difficulty of increasing supply by most producing countries, as well as the expected decrease in Moscow’s exports after the sanctions imposed on the war. in Ukraine.

Mueller added: “There is no consensus on the direction of prices, as some experts believe prices will reach $ 135-140 a barrel, while others believe they will drop back to the $ 100 level.”

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