The global oil market is well supplied and can cope with the loss of Iranian crude to Western sanctions, oil officials and executives said this week, Reuters
reported Friday, June 8. An increase in global crude supplies and falling crude prices have helped cushion the impact of sanctions targeting Iran’s nuclear program. “The market is well supplied. There is no shortage,” the head of French oil firm Total said at a conference when asked if he was concerned about the loss of Iran’s oil supply. Ahead of a meeting of the Organisation of Oil Exporting Countries (OPEC) next week, Algerian Oil Minister Youcef Yousfi also said the market could cope with a drop in Iranian supply. China, Japan, India and South Korea have already cut their imports by about a fifth as they prepare for U.S. sanctions to come into effect.