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Reuters reports comments from the Iranian OPEC governor Hossein  Kazempour, as he says that the US sanctions on Iran are likely to cause a steep increase in oil prices.

Additional Comments:

Other producers in OPEC can’t easily replace Iran’s oil exports by November.

They would have to tap their reserves to make up for Iran’s missing barrels.

It would be a short-term solution that would lead to costlier crude.