WASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin said on Tuesday he does not anticipate major oil price hikes after renewed sanctions hit Iranian production because some countries are willing to increase output to offset such losses.
Mnuchin, speaking to reporters at a news briefing, declined to identify countries which may add output, saying there had been conversations with “different parties that would be willing to increase oil supply to offset this. So my expectation is not that oil prices will go higher - to a certain extent, some of this was already in the market on oil prices.”
“Under the original deal, there were waivers for commercial aircraft, parts and services and the existing licenses will be revoked,” Mnuchin said.
Reporting by David Lawder; Editing by James Dalgleish