TEHRAN (Realist English). US President Joseph Biden and the Democratic Party will pay a political price in the midterm congressional elections if they fail to remove Iran sanctions and prevent Iranian oil from entering international markets. This was stated by economic analyst Esfandyar Batmanghelidj in an interview with Newsweek.
“The fact is that if Biden doesn’t take a dramatic step to get more oil flowing, he will pay a political price,” said Batmanghelidj.
According to experts, Iran is the only producer that can add more than 1 million barrels per day (bpd) of oil to the international markets as estimates suggest that combined additional supplies from Saudi Arabia, the United Arab Emirates and even Venezuela could hardly reach over 0.5 million bpd.
Analyst Nader Itayim told the Newsweek that Iran could add 1.25 million to 1.3 million bpd to the market if it is freed from the sanctions.
Previously, Iranian Oil Minister Javad Owdji called the tough regime of US sanctions the main reason for the aggravation of the global energy crisis.
OPEC+ is slowly returning almost 10 million barrels per day that were withdrawn from the market in April 2020. In recent months, production has grown monthly from 400 thousand to 432 thousand barrels per day. In early June, OPEC+ decided to increase daily production by 648 thousand barrels in July and August.