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Oxford University warned US President Donald Trump of slowing global economic growth in 2020 because of his decision to toughen sanctions on Iran’s oil exports.
According to the British Daily Telegraph, “international economists have warned that the oil shock resulting from recent decisions by Donald Trump could bring oil prices down to $ 100 a barrel and derail economic growth in 2020”.
Washington destabilized the crude oil market last week when it decided to no longer extend exemptions from major Iranian oil customers.
Oxford Economics predicts that if world crude prices exceed $ 100, GDP growth may fall to 2.6% in 2020 and global inflation may rebound to 4%.
According to the report, “analysts believe that more Donald Trump will tighten the pressure on Iran and Venezuela, as major oil exporters, the more oil prices may rebound and reach their peak.”
Last year, the US administration granted 180-day exemptions to eight major Iranian oil customers for fear of not giving a sudden shock to the global market. Last Monday, the White House announced that it would no longer extend the exemption.