"Oil-producing countries are seeking the balance right now. The oil prices fluctuations are reasonable. I expect the range from $60 to $80 per barrel in the short term. We have to see how the meeting of the OPEC goes and also the decisions of the United States," Sun said on the sidelines of the ADIPEC conference in Abu Dhabi.
READ MORE: US Waivers on Iran Oil Import Have No Impact on Prices — Oman Oil Minister
Addressing the US sanctions on Tehran, the Secretary-General mentioned that waivers, which Washington granted for some oil importers provide enough time for these countries to shift markets and find some other sources of hydrocarbons.
"The United States gave concessions to eight countries for the sake of stability in the region and interests of these buyers [of Iranian oil]. These sanctions have a big negative effect on these countries and also are no good for the international economy. The waivers are the right way. They provide a flexibility for both sides. These waivers provide enough time to [importers of Iranian oil] to shift the market and choose some other suppliers," he stated.
READ MORE: Iranian FM: US Sanctions Cannot Have Dramatic Impact on Oil Exports
Several days before that, on November 5, the US reinstated sanctions against Iranian oil imports, following Trump's decision to withdraw from the Iranian nuclear deal. However, eight countries — China, Greece, India, Italy, Japan, South Korea, Taiwan, and Turkey — were granted waivers. At the same time, the United States is planning to eventually introduce sanctions against all imports of Iranian oil.