US policy to increase oil prices may backfire

THE PRICE of crude oil price surged to a three-year high on Friday. The high oil prices show that even if countries take up positions to stabilize oil prices, concerns about supply shortages still linger. Beijing Youth Daily comments:

The United States exiting the Iranian nuclear agreement has added new uncertainties as it is reportedly going to urge, if not menace, major buyers of Iranian oil to stop importing oil from the country, which has the world's fourth-largest oil reserves. Apparently it hopes to nip off all of Iran's oil exports by early November in an effort to materialize its promise of the harshest sanctions in history against Iran.

Iran now produces 3.6 million barrels of crude oil and exports 2.4 million barrels a day, with China, the European Union, Japan, India, the Republic of Korea and Turkey the main buyers.