LONDON: Iran’s oil minister said on Sunday that U.S. sanctions on Iran and Venezuela and tensions in Libya have made the supply-demand balance in the global oil market fragile, and warned of consequences for increasing pressures on Tehran.
Oil prices have risen more than 30% this year on the back of supply cuts led by the Organization of the Petroleum Exporting Countries and US sanctions on oil exporters Iran and Venezuela, plus escalating conflict in OPEC member Libya.
“Oil prices are increasing every day. That shows the market is worried,” Bijan Zanganeh was quoted as saying by Tasnim news agency.
