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US oil sanctions on Iran to affect global oil prices: Pak energy expert

Islamabad, Renowned Pakistani energy expert says Iran is an important contributor to the international oil market and the recent US oil sanctions against Iran will affect the oil prices.

In an interview with IRNA, the former director of operations for the World BankMoazzam Ziad Alahdad said that any sanctions on Iran will obviously affect the price of the oil.

The expert believed Iran will find a way and the countries which want to do business with Iran will eventually find a way to do that business.

But short answer, such decision will affect the oil market but in the long run we would see what will happen, he said.

On 22 April, Trump administration took its last step to zero Iran's oil exports. The White House has announced that since May 2, there has been no extension of any exemption for countries willing to buy Iranian oil.

Moazzam Ziad Alahdad expressing his views said Pakistan should cooperate, collaborate and use the friendship with Iran to the maximum level.

We are neighbors, we have many many complementary interests and we can increase trade to a much greater level and that what we should focus on, former WB director said.

He said Pakistan should complete gas pipeline project with Iran because Pakistan has not built its own infrastructure to use the gas which is available inside the country to overcome energy crisis.

The expert was of the view that it is very important for the Pakistani economy to be able to get its energy from where it can and of course at reasonable and viable prices and IP gas project is one such option.

The analyst hoped Iran could become part of China Pakistan Economic Corridor (CPEC) project. Gwadar is very near to Iran and Chabahar and Gwadar ports can complement each other and they can work with each other, he said.

Source: Islamic Republic News Agency IRNA


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