London—Oil market fundamentals could become much tighter in the second half of 2012 if EU and US sanctions keep more than 1 million b/d of Iranian oil exports off the market and non-OPEC output disruptions take a turn for the worse, a senior International Energy Agency official said May 18. David Fyfe, the head of the International Energy Agency’s Oil Industry and Markets Division, said at a conference in London that the IEA estimates that EU sanctions on Iranian oil exports and US financial sanctions against Tehran will mean that 1 million b/d of Iranian crude may struggle to find markets from July.
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