TEHRAN, Iran, Dec.8
Trend:
Lifting sanctions would take several months, Iran's oil could enter the market during the first three months of 2021 which means an increase in supply, said, an energy expert.
"If corona is controlled, the market would have a positive look, and demand could increase and affect oil prices and it seems oil price would reach to $45 to $50," said Mehdi Hosseini, Trend reports citing ILNA.
"The OPEC Plus decision to increase their collective output by 500,000 barrels per day in next month would make it difficult for Iran's oil sale return to the market," he said.
"Although the Biden government has promised to return to the Joint Comprehensive Plan of Action (JCPOA) and reduce sanctions at the moment Trump administration would try to create difficulty for Iran and new government by turning many sanctions to law," he noted.
Hosseini also pointed that the new US president could issue a permit to oil buying companies and the treasury would act under the government in this regard that could be Biden's first goodwill step before return to JCPOA.
"I believe that the market currently needs to move toward the increase of oil prices, Brent crude oil was set $49 and even Iran's light and heavy crude oil reached $44 and $40 and this situation would be good for the market and there was no reason to change the growing prices with the OPEC Plus recent decision. The market is still facing surplus supply and in this situation increasing 500,000 bpd would be a significant figure that affect prices," he added.