This might have some influence on the current decline in prices ...
Biden's Decision to Allow Iranian Oil Sales to Prevent Rise in Oil Prices
http://www.thestockdork.com/bidens-decision-to-allow-iranian-oil-sales-to-prevent-rise-in-oil-prices/
By Malik Graystone
The Stock Dork
Nov 30, 2023
During a recent television broadcast, Becky Quick raised a significant point about the current sanctions on Iran. Although the United States has imposed sanctions on Iran, Quick noted that the Biden administration has actually permitted Iranian oil to be sold elsewhere. The reason behind this decision is to prevent a surge in oil prices.
Helima Croft, CNBC Contributor and Global Head of Commodity Strategy for RBC Capital Markets, highlighted the considerable growth in Iranian exports this year. This raises questions about whether the Biden administration will face mounting pressure to tighten the sanctions.
Amos Hochstein, who recently expressed the need for stricter enforcement, also mentioned the importance of monitoring these numbers to determine the impact on market balances.
Quick emphasized that while there are sanctions in place, the United States has subtly acknowledged the existence of ongoing oil sales from Iran. The motive behind this is to prevent oil prices from soaring, particularly since it is an election year and higher prices at the pump tend to upset voters.
Croft pointed out that there is growing congressional action to strengthen these sanctions. The House of Representatives recently passed a bill with bipartisan support, which not only enforces stricter measures but also targets foreign ports involved in Iranian cargo.
This increase in pressure from Congress indicates a desire to tighten sanctions. However, the extent of support within the White House remains uncertain. Despite the administration’s reluctance to see higher oil prices, they also don’t want to face accusations of allowing Iran to support destabilizing groups within the Middle East.
Overall, the decision to allow Iranian oil sales is a delicate balancing act for the Biden administration. While they seek to avoid uproar over higher oil prices, they must also consider the consequences of enabling Iran’s regional disruptions. The enforcement and effectiveness of these sanctions will be closely monitored going forward.
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