BlackRock’s billionaire chief executive isn’t too worried about the oil price despite a recent spike brought on by Iran sanctions news.
Citing robust crude inventories beyond hotspots like Venezuela and Iran, where civil conflict and U.S. sanctions have taken millions of barrels of oil off the market, Larry Fink espoused an optimistic approach to markets and the Gulf region in the medium and long term.
“Related to the sanctions on Iran … the delta is much smaller than people think,” Fink told CNBC’s Hadley Gamble during a panel at the inaugural Financial Sector Conference in Riyadh Wednesday.
