As US sanctions on Iranian oil exports resume today, Probis Securities said it expects oil prices to settle around $75 a barrel by end of 2018.
In an interview to CNBC-TV18, Jonathan Barratt, chief information officer, said market is suggesting that any real concern is not there as the prices are under pressure.
"I think the market is telling us that there is more capacity and as a result of that prices are under significant pressure,” Barratt said.
"Oil prices have come off 17 percent in October with the re-sanctions to kick in. So, it's interesting to see that the market hasn’t taken on aggressively," he added.
Talking about India market, Barratt said, "Let us see what is the temporary waiver and how it affects things. But I think if the capacity is there, then there shouldn’t be too much of a problem.”
“I am focused on how the US is going to react to the fact that Iran is still producing and exporting and also how the US is going to react to countries such as India, Japan and China who import oil from them,” he further added.