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Oil market 'calm before storm': IEA

Published 10:00 10th Aug 2018.

Energy Aspects figures quoted on the expected cut in Iranian crude output in November

"The first set of US sanctions targeting Iran’s financial sector was enforced on 6 August, which is expected to make it more difficult for refiners to buy Iranian crude.

“During the last round of sanctions, crude oil exports fell by 1.2 million bpd and this time the impact could be even more severe,” the IEA stated.

Energy Aspects oil analyst Amrita Sen predicted this week that Iranian crude output, which is currently running at 3.8 million bpd, could be cut between 1.2 million and 1.5 million bpd in November."