The White House announced on April 22 that it would end all waivers from Iran oil sanctions when they expire on May 2, sending ripples through oil markets. The development puts the spotlight firmly on OPEC, as leading member Saudi Arabia, which holds the bulk of the world’s spare output capacity, will have to decide whether to pump more and risk destabilizing an OPEC/non-OPEC production accord. Importers of Iranian crude are also in a quandary, and must decide how best to source replacement barrels. India, an important buyer of Iranian oil, has other options including Mexico and Iraq, according to sources in the country. Meanwhile, Japan’s economy minister said there was no need for the state to release strategic petroleum reserves as a result of the US’ move. Refiners in the country said they would consider procurement from a variety of sources including the Americas, Russia, the Middle East and West Africa. GRAPHIC OF THE WEEK Polling in is underway in India’s general election, giving 900 million eligible voters a say on the next government. The sweeping energy reforms pursued by India in recent years have gained broad acceptance and are likely to stay, irrespective of which political party or… continue reading
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Source: CTRM Center