The current easing of the short-term concerns about oil supply could only be temporary, because the return of the U.S. sanctions on Iran—possibly coupled with production problems elsewhere—could make maintaining global supply “very challenging,” the International Energy Agency (IEA) said in its Oil Market Report on Friday. “The recent cooling down of the market, with short term supply tensions easing, currently lower prices, and lower demand growth might not last,” said the IEA, noting that at the time the next monthly OMR is out in mid-September, we will be just six weeks away from the return of the U.S. sanctions on Iran’s oil exports. The U.S. Administration is looking to have Iranian oil exports down to ‘zero’ and is trying to persuade as many of Tehran’s oil customers as possible to cut off their supplies from Iran. While analysts expect that Europe could be convinced, China has already refused […]