Price impact of Iranian oil uncertain, says US official
In an interview with Al-Monitor, Amos Hochstein, special envoy and coordinator for International Energy Affairs at the US State Department, says Middle Eastern countries are increasingly investing in renewables, international oil companies are returning to Egypt and Israel needs get its regulatory house in order if it wants foreign investments in offshore natural gas.
![Was8897432 Bahamas Prime Minister Perry Christie (L) looks on as US Vice President Joseph R. Biden (C) and Amos J. Hochstein, US State Department Special Envoy and Coordinator for International Energy Affairs, talk before the Caribbean Energy Security Initiative Luncheon during the Caribbean Energy Security Summit at the US Department of States January 26, 2015 in Washington, DC. Leaders from around the Caribbean attended the summit to discuss energy and regional issues. AFP PHOTO/BRENDAN SMIALOWSKI (Photo cre](/sites/default/files/styles/article_hero_medium/public/almpics/2015/462284730.jpg/462284730.jpg?h=f7822858&itok=vH9z_og6)
WASHINGTON — One of the Barack Obama administration’s top energy officials says it is difficult to predict the impact on the world oil market of recovering Iranian exports in the event of a nuclear deal. Amos Hochstein, special envoy and coordinator for International Energy Affairs at the State Department, told Al-Monitor in a recent interview that the impact of a deal on world oil markets depends on a number of variables that are difficult to predict at this time, including US oil production.
Over the past few years, Iran’s oil exports plunged from 2.5 million barrels a day to about 1 million barrels, in part because of US sanctions that limited exports to key customers. Another factor was a sharp decline in foreign investment in Iranian fields, also a result of US sanctions. Those export and investment restrictions are expected to be substantially eased under a comprehensive nuclear deal. European and Asian oil company executives have been visiting Iran in large numbers.