Speaking at an oil conference in the Norwegian city of Stavanger, Ibrahim al-Muhanna, a long-time adviser at Saudi Arabia’s Energy Ministry said late-Tuesday, the current US sanctions on Iran are unlikely to stop Iranian oil exports completely Reuters reports.
Key Quotes:
“Current sanctions are unlikely to stop Iranian oil exports completely, as almost all experts agree. I mean, they will continue to export 1 million (barrels per day) or so. So closing that Strait of Hormuz will damage the Iranians as much as damaging others.”
“The amount of oil going through the Strait of Hormuz is so large. There’s more than 18 million barrels a day, about two thirds of world maritime oil trade. Meaning, cutting oil from there will lead to an acute oil shortage and prices will skyrocket.”
“Is Iran able or willing to close completely, or even partially, the Strait of Hormuz or Bab Al-Mandab, or both? The answer is no, and a really big no.”
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