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Lifting sanctions against Iran has already made pressure on oil price — Russian Deputy PM

January 18, 18:35 UTC+3 HONG KONG
On January 16, the UN, EU, US lifted economic and financial restrictions against Iran that were imposed due to the Iranian nuclear program
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© EPA/ABEDIN TAHERKENAREH

HONG KONG, January 18. /TASS/. The removal of sanctions against Iran has already made a negative impact on oil price, Russian Deputy Prime Minister Arkady Dvrokovich told reporters at a plenary session in the Asia Society center in Hong Kong.

"It has already made an impact," he said when answering the relevant question from TASS.

He declined to comment on the terms of the descending trend in oil price pointing that many factors should influence it.

On January 16, the UN, EU, US lifted economic and financial restrictions against Iran that were imposed due to the Iranian nuclear program. The removal of sanctions became possible after the International Atomic Energy Agency confirmed that the Islamic Republic had complied with the terns of the nuclear deal. Iran and the sixth of international mediators signed the plan on the Iranian nuclear program on July 14, 2015.

The removal of sanctions allows Iran to build up its oil exports. The country’s authorities have already voiced plans to increase supplies from 1 million barrels to 1.5 million barrels per day.

In early January, due to fears of excessive supply on the oil market, the oil price fell below $ 35 a barrel. At the beginning of the trading session on January 18 (the first session after the lifting of sanctions was announced) the price of Brent crude fell below $28 per barrel.

By the end of 2015, the price of Brent crude oil fell by 49.6%. Since the beginning of 2016 it has already managed to fall by 22.5%.

Since the beginning of 2016, the dollar grew by 5.6 ruble to 79.19 rubles, euro — by 5.89 rubles to 86.29 rubles.

The MICEX index over the same period lost 7.8% and the RTS fell by 14.4%.

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