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Oil expert downplays oil market's disruption due to Iranian threats
July 10, 2018, 2:30 pm

An Austrian energy expert has downplayed the impact of the Iranian president's threats to prevent export of oil across the Arabian Gulf. In a statement to KUNA, Heinz Gartner said the Iranian threats did not affect the balance of the oil market until now, due to the continued balance between the movements of supply and demand, stressing the international commitments to maintain the flow of crude from this artery, which covers large proportion world's oil needs.

He said that the US-Iran threats have not yet exceeded the level of media competition aimed at putting pressure on Iran and Europe to reinstate sanctions on Iran. He pointed out that the new US policy is actually aimed at controlling the Iranian economy and thus Iran's policy in the region, especially in Syria and Yemen other areas in the region.

The oil expert ruled out military confrontations between US and Iran, pointing out that the military option is quite simply not an option, especially since the balance of power is not in Iran's favor.

The oil expert said that OPEC's position on US proposal for increasing oil production by about two million barrels will become clearer during the OPEC ministerial conference to be held in Algeria in September.

He confirmed that OPEC will make the right decision, relying only on securing the interests of the oil market and the balance between the supply and demand.

Gartner is a professor at the University of Vienna in political, economic and security Department and a lecturer at the Vienna Diplomatic Academy. He served as director of the Austrian Institute for International Affairs until 2016. 

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