Irna English
Fereydoun Barkeshli, president of Vienna Energy Research Group in Austria, told Iran Newspaper on Tuesday that US President Joe Biden’s public approval rating fell to the lowest level compared to the term of his own presidency but also those of all American presidents in last 30 years, and that people in the country vote based on what are the prices in gas stations.
Moreover, China has officially declared that it has purchased four million barrels of crude oil from Iran, Barkeshli said, noting that such a move has been unprecedented since the US’s pullout from the 2015 nuclear deal and end of China’s exemption deadline for importing oil from Iran, a fact that shows world oil market has experienced a change in the last two years.
International oil market has its basis on supply and demand, he said, adding that now the market has returned to the situation of last three months in 2019, which means the world demand for crude oil has increased to 100.070 million (barrels per day) bpd.
According to the analyst, Iran seeks balanced prices between 65 to 75 dollars per barrel; although, Tehran will achieve more profit from higher prices, creating balance between profit of being a producing country and the interests related to the profit is not compatible.
The oil market expert went on to say that the US and especially President Biden are under pressure due to high oil prices, while the midterm elections will be held in summer, Biden has got the lowest approval rates among presidents of the last three decades; thus, he should take into consideration the situation of oil market in particular at domestic level.
Beside internal pressures in the US over oil prices, other countries stand against the crude embargo seriously, Barkeshli argued, adding that the US imposed sanctions on Venezuelan and Iranian oil exports, kicking out 5.5 million bpd of the two countries’ exports out of the world markets.
The expert further noted that Iran’s oil industry requires investment and state-of-the-art technologies to reenergize its potentials in order to pave the way for developing economy of the Islamic country, warning that lack of investment and technology can turn the industry into a dilapidated one.The expert further noted that Iran’s oil industry requires investment and state-of-the-art technologies to reenergize its potentials in order to pave the way for developing economy of the Islamic country, warning that lack of investment and technology can turn the industry into a dilapidated one.
