Lifting of Iran sanctions to spark fight for oil market share in Asia
The expected return of Iranian oil to the market as US sanctions are likely to be lifted over the next year will offer new opportunities for former buyers in Asia to reshuffle their oil import mixes. Significantly, the return of Iranian barrels will trigger a fierce battle among global suppliers for market share raising the risk of price drops, reported Fitch Solutions.
Updated: 05/07/2021, 5:17 am
A worker passes stores of oil drums and gas flares while working aboard an offshore oil platform in the Persian Gulf's Salman Oil Field, operated by the National Iranian Offshore Oil Co., near Lavan island, Iran, on Friday, Jan. 6. 2017. Photographer: Ali Mohammadi/Bloomberg