On Tuesday’s broadcast of Bloomberg’s “Surveillance,” co-host Lisa Abramowicz stated that the Biden administration faces a direct conflict between its desire to bring down oil prices in the United States and clamping down on Iranian oil revenue through the strict enforcement of sanctions on Iran’s oil supply, because if you want to lower American oil prices, “how do you then remove these barrels” of Iranian oil “from the market” via strict enforcement of sanctions.
Co-host Jonathan Ferro read from a post by Bloomberg Opinion columnist Javier Blas on how Iran is making large amounts of money from oil sales due to lax sanctions enforcement. In the post, Blas stated that Iran makes around $1.5 billion a month in additional oil revenue than they would if their oil production was capped at October 2022 levels.
Abramowicz responded, “[I]t’s directly competing with this feeling that this administration and others would like to see oil prices in the U.S. go down. So, if you deal with that, how do you then remove these barrels from the market? It’s a tenuous moment. We heard yesterday from Ellen Wald, she doesn’t think they are going to be more significantly enforced, regardless.”
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