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US With Little Motivation to Push Sanctions: Energy Aspects

OIL

The US is not incentivised to enforce sanctions, especially in an election year and risk higher energy prices according to Energy Aspects Director of Research Amrita Sen.

  • “It’s a US election year and the US is going to do anything in its power to make sure prices don’t go up,” Sen said.
  • “The US never designed Russian sanctions to pull barrels off the market,” Sen added.
  • “Even now with Iran, the sanctions don’t have much in the way of teeth,” she said.
  • “The combination of sanctions weakness and the SPR release last year were the main factors that forced OPEC+ to cut by as much as it has,” Sen said.
  • Sen said that tighter sanctions on Russia from the end of last year had hurt volumes a little bit but the US was unlikely to target them further in the short term.
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