Demostenes Floros | aboutenergy.com
On May 2nd 2019, U.S. Secretary of State, Mike Pompeo, announced the end of the Iran oil export sanctions waivers. Iran immediately responded setting a 60-days before restarting to increase the uranium enrichment. Waiting for the next OPEC+ meeting on June 30th 2019, what are the most important geopolitical consequences of the Trump’s Administration decision?
Firstly, it is important to analyse the possible countermoves that the Russian Federation could implement, after having become the real balance needle in the oil market, because of the victory in the Syrian war. In order to do it, a step back must be taken. On November 30th 2016, the OPEC+ Group reduced its output by approximately 1,800,000 b/d with the aim of increasing barrel prices at that time under $50/b.