A State Department official on Iran says the oil market supply forecast for 2019 will exceed demand globally this year by 400,000 barrels, giving the U.S. more room to be aggressive on sanctions and try to take Iranian crude supply to zero.
A high-ranking State Department official said a well-supplied world oil market helps the U.S. maintain, or even tighten, sanctions on both Iran and Venezuela without causing an oil price spike.
Secretary of State Mike Pompeo reemphasized his policy of driving Iran's oil exports to"zero" when he spoke at the annual IHS Markit CERAWeek energy conference in Houston on Tuesday. Industry officials are acutely interested in the amount of oil the U.S. can remove from the market since they were taken by surprise last October when the U.S. exempted certain buyers after threatening to remove all Iranian crude. That helped send oil prices tanking, and West Texas Intermediate lost more than 40 percent before bottoming in late December.He said U.S. officials keep an eye on supply as it works to sanction both Iran and Venezuela.
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