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Independent voices from the The Washington Times Communities
Topic - Bhushan Bahree
U.S. officials have lauded the growing international support for an embargo of Iranian crude oil, but it remains to be seen who beyond the European Union will embrace the boycott.
"There are a lot of ways out," said Bhushan Bahree, senior director of global oil at IHS Cambridge Energy Research Associates. "I don't know where the negotiations with South Korea and Japan might be for what they might need to do to qualify for a waiver."
"The more successful you are in shutting in Iran's oil, the more pressure you might put on prices," said Mr. Bahree. "People say we could get the oil from somewhere else, yes, but to the extent we do, the spare capacities that help in stabilizing the market may be impacted, and this could have an adverse effect on prices."