OPEC Moves, US Policies May Swing Prices Within $60-80 Range In Short Term - IEF Chief

The efforts of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producers aimed at stabilization of the oil prices, as well as the latest US sanctions targeting Iran's oil exports, may lead to fluctuations between $60 and $80 per barrel in the short term, International Energy Forum (IEF) Secretary General Sun Xiansheng told Sputnik on Tuesday.

ABU DHABI (UrduPoint News / Sputnik - 13th November, 2018) The efforts of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producers aimed at stabilization of the oil prices, as well as the latest US sanctions targeting Iran's oil exports, may lead to fluctuations between $60 and $80 per barrel in the short term, International Energy Forum (IEF) Secretary General Sun Xiansheng told Sputnik on Tuesday.

"Oil producing countries are seeking the balance right now. The oil prices fluctuations are reasonable. I expect the range from $60 to $80 per barrel in the short term. We have to see how the meeting of the OPEC goes and also the decisions of the United States," Sun said on the sidelines of the ADIPEC conference in Abu Dhabi.

On Sunday, Abu Dhabi hosted a meeting of the OPEC and non-OPEC Joint Ministerial Monitoring Committee.

The participants examined a report compiled by the OPEC secretariat that called for a decrease in the current level of oil production. While it also acknowledged the possible threat of excess oil production in 2019, it did not recommend cutting production, favoring continued observation of the oil market instead.

On November 5, the US sanctions against Iranian oil imports were reinstated, following the US decision to withdraw from the Iranian nuclear deal. However, eight countries China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey were granted waivers. At the same time, the United States is planning to eventually introduce sanctions against all imports of Iranian oil.