Mohammad Ali Khatibi Tabatabai told PIN the oil shock would definitely happen if Iran faces sanctions at the United Nations Security Council. “Iran is likely to face sanctions at the UNSC and if an oil embargo is imposed on Iran, the oil market should brace for challenges. Iran produces 2.5 million barrels per day of crude for the market,” he said. “However, Iran may not face oil embargo and face sanctions regarding certain products and arms,” he added. “Rich countries can tolerate such a shock more easily and poor countries would be on the receiving end of possible sanctions on Iran and ensuing price hikes,” said Khatibi. He said the International Energy Agency obliges its members to hold crude reserves for 90 days.