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Iran Oil Exports Can Be Cut Gradually, U.S. Says

  • Rick Perry says market can absorb Iran supply losses
  • International Energy Agency says no plan for SPR release
Crude Oil Shipments In The Persian Gulf

Photographer: Ali Mohammadi/Bloomberg

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The U.S. Energy Department indicated that sanctions on Iran may leave room for buyers of the Islamic Republic’s oil to cut back gradually.

"These situations are going to be evaluated on a case-by-case basis," Deputy Energy Secretary Dan Brouillette said in an interview in Paris. "So I would expect that there are some accommodations made for transition times.” His remarks run counter to statements made by the State Department earlier this week saying U.S. allies would be expected to stop their Iranian oil purchases by November.