Despite the move by Washington, analysts said global oil markets would be able to cope with the Iran disruption as there was enough spare capacity from other suppliers.
The United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which allowed Iran’s eight biggest buyers, most of them in Asia, to continue importing limited volumes. Still, many analysts expected Washington to show more tolerance towards importers most exposed to Iran.
The move to increase pressure on Iran came amid other sanctions Washington has placed on Venezuela’s oil exports, and also as producer club OPEC has led supply cuts since the start of the year aimed at tightening global oil markets and propping up crude prices.
Good news isn't it?
Good one for Nigeria. But we need to stop depending on crude oil.
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