Iran's Kazempour says continuation of US sanctions will lead to steep increase in oil prices

Comments by Iran's OPEC governor Hossein Kazempour

• Other producers in OPEC can't easily replace Iran's oil exports by November
• They would have to tap their reserves to make up for Iran's missing barrels
• It would be a short-term solution that would lead to costlier crude

Kazempour is not mistaken in that regard. If Trump wants lower oil prices and OPEC isn't going to budge in terms of freeing up more supply, then sanctions on Iran will only serve to underpin oil prices even more going into next year.