November sanctions on Iran to be proof of strength or weakness of U.S. as oil producer
By Trend
The November sanctions of the US on Iran will effect affect the market, as it will be proof of the strength or weakness of the US (as largest oil producer and consumer), Cyril Widdershoven, a Middle East geopolitical specialist and energy analyst, a partner at Dutch risk consultancy VEROCY and SVP MEA-Risk, told Trend.
"If no reaction, global oil market shows it is very well supplied, which I doubt, looking at the current fundamentals worldwide and possible hickups. Don’t forget, in addition to Iran, Venezuela and others are totally imploding, while Iraq, Libya, Nigeria and Algeria are not keeping up also," said the expert.
Widdershoven believes that effectiveness of the sanctions will depend on:
US legal sanctions on 3rd parties
Possibility of US to control and block SWIFT system for Iran
Coordination with Arab OPEC producers
Willingness of Asian countries not to get into a real conflict with
the US
EU has no influence at all, Brussels and governments can talk and
put in place whatever they want, internationally operating
companies in Europe will not burn their fingers on Iran.
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