Concerns about oil supplies have eased as major producers have stepped up output, but the respite may be only temporary as tough new US sanctions on Iran approach, the IEA warned on Friday. Crude prices have dipped in recent weeks, reflecting less worry about supplies following increased output by Russia and several OPEC nations, the International Energy Agency said in its latest monthly report about the global oil market. However the Paris-based body warned supply tensions could quickly flare. “When we publish our next report in mid-September, we will be only six weeks away from the US’s deadline for Iran’s customers to cease oil purchases,” said the IEA. “As oil sanctions against Iran take effect, perhaps in combination with production problems elsewhere, maintaining global supply might be very challenging and would come at the expense of maintaining an adequate spare capacity cushion.” The United States has broken with allies and abandoned the 2015 international agreement to limit Iran’s nuclear programme. A first set of US sanctions snapped back into place earlier this week, but in November it will seek to choke off Iranian oil exports. “While there has been minimal impact so far on Iran’s crude production ahead of renewed… Read full this story
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