Rise in Crude Demand

Rise in Crude DemandRise in Crude Demand

The demand for Iranian oil will continue to increase gradually, the former head of International Energy Agency said. “Iranian oil will continue to grow. It is obvious that with sanctions lifted, the production will increase the demand for Iranian oil gradually. It is already coming close to the level before the sanctions, and it will continue,” Nobuo Tanaka also told Sputnik on Thursday. In January, the European Union, the United Nations and partially the United States lifted their sanctions against the Islamic Republic after the International Atomic Energy Agency verified Tehran’s compliance with a nuclear agreement reached last July. The lifting of sanctions allowed Iranian oil producers to reenter the global market. The 2016 St. Petersburg International Economic Forum is taking place on June 16-18. The agenda for SPIEF 2016, which is held at a new venue for the first time in 20 years — at the Expo Forum Convention and Exhibition Center—includes business forums of  Shanghai Cooperation Organization, BRICS and Business 20 that is part of G20.