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In an interview with IRNA, Dr. Salman Shah said this decision may not stand too long as it would create lot of uncertainty in the oil market.
After withdrawing from Joint Comprehensive Plan of Action (JCPOA) and re-imposition of unilateral sanctions against Iran the US had agreed to let eight countries, including China, Japan, India and South Korea, Taiwan, Italy and Greece keep buying Iranian oil.
However, in a statement issued on Monday, the White House said US President Donald Trump has decided not to renew waivers that allow eight countries to buy Iranian oil without facing Washington's sanctions.
Dr. Salman Shah stated: We have to wait and see how China and India react to the US decision because they are major consumers of Iranian oil.
The expert said already China seems to have indicated that it doesn’t like these sanctions so we have to see what counter measures they take but I think this will create lot of uncertainty in the oil market and already oil prices seem to be heading up.
He added this move would not benefit anybody and create instability in the international oil market.
Senior Pakistani economist strongly believed that oil business should be kept out of politics because this is a very important ingredient of global economy. “If you bring politics in the oil business the international market might not work,” the expert viewed.
Dr. Salman Shah said Trump administration’s policy towards Iran is quite different from Obama’s policy of engagement.
The former minister added Trump has been pursuing policy of disengagement with Iran, earlier they had withdrawn from JCPOA and now they have announced to end waivers on Iran oil exports. “These decisions will create instability in the area,” he said.
“I don’t see what benefits one can get out of this confrontational approach and instead of inclusive approach which is needed,” he said.
Dr. Shah viewed at a time when the Afghan war is coming to an end; this whole region has to be focused more on economic issues rather than the political confrontations.
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