Oil price on Monday experienced a considerable decline on Monday due to the increased opposition to Iran’s sanctions.
Given the above issue, global price of oil hits a record low which was unprecedented in the recent years.
If US seeks to reduce Iran’s oil exports, oil supply in the markets will drop by one million barrels per day (bpd), a senior strategist maintained.
He said that Germany has announced that it will protect its companies against US sanctions imposed on Iran.
France’s oil major “TOTAL” has not yet announced its withdrawal from Iran’s oilfields as the company has promised to develop a number of phases of this field.
In the end, he said, “US President Donald Trump had earlier announced that he will not renew Iran’s sanctions relief.”