Some countries not abide by Trump's decision; Economic analyst Told ILNA
End of Iran waivers will increase Oil prices by 5 to 10 percent; Economic analyst told ILNA in an interview.
"Non-renewal of oil exemptions from the US does not bring new shocks to the market, because the market already foresaw that this might happen. But oil prices will shot up in response to reports on Sunday that the waivers would not be extended." Nersi Qorban, Economic analyst said.
Oil prices hit their highest since November on Tuesday after Washington announced all waivers on imports of sanctions-hit Iranian oil would end next week, pressuring importers to stop buying from Tehran and further tightening global supply.
He added that however, some customers like Turkey and Iraq do not have complete obedience to the United States and will buy Iranian oil.
"But private companies don't buy Iranian oil for fear of the United States." Nersi Qorban, a senior international energy expert said.
He said:Iran's oil withdrawal from the market is likely to raise prices ranging from US $ 4 to $ 5 (5 to 10 %).
The Trump administration on Monday told five countries - Japan, South Korea, Turkey, China and India - that they would no longer be exempt from US sanctions if they continued to import oil from Iran after their waivers ended on May 2.
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