The Oil Market May Need Until 2016 for Iran Supply Boost - Bloomberg Business

The Oil Market May Need Until 2016 for Iran Supply Boost - Bloomberg Business:

"Iran’s crude exports are likely to remain restricted until the first half of next year, when it’s “reasonable” to expect international sanctions against the OPEC producer to be lifted, according to a U.S. government official.
Overseas shipments will probably stay at 1 million to 1.1 million barrels a day until the terms of a deal between Iran and world powers over the Persian Gulf state’s nuclear program are implemented, allowing sanctions to be lifted, said Amos Hochstein, special envoy and coordinator for international energy affairs at the U.S. Department of State. The U.S. is keeping a “very close” watch on Iranian oil exports, he said in an interview in Singapore.
Iran is preparing to increase shipments at a time when crude prices are near six-year lows amid a global glut sparked by the U.S. shale boom. The Middle East producer, which was the second-biggest supplier in the Organization of Petroleum Exporting Countries before sanctions curbed its exports, has vowed to retake market share it lost to producers including Saudi Arabia, Mexico and Russia."



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