In recent years, Iranian oil exports have been severely hampered by U.S.-led sanctions. However, as part of Iranian nuclear negotiations, Iranian oil (500,000 barrels or more a day, according to some analysts) could once again reach the global market. These revelations come as crude oil prices are already under heavy pressure from a supply gut due to decreasing demand in Europe and China, down 59% from peak price in June 2014.
“In case the international sanctions against Iran are lifted, one million barrels a day will be added to the country’s crude-oil production and exports in several months,” said Iran’s Oil Minister Mr. Zanganeh. The Minister also said that Iranian oil influx wouldn’t “significantly affect crude-oil prices and world markets.”