Nuclear deal means more Iran oil - just not this year




 
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Boots
 
April 3rd, 2015  
News Manager
 

Topic: Nuclear deal means more Iran oil - just not this year


By Timothy Gardner and Jonathan Leff WASHINGTON/NEW YORK (Reuters) - A framework accord to curb Iran's nuclear program forged on Thursday could eventually allow Tehran to reclaim lost ground in the global oil market. While global Brent oil prices tumbled as much as 5 percent on Thursday to $54 in anticipation of a deal that could allow Iran to begin selling more crude within months, traders later began weighing the timing of that return. Verifying compliance by Iran, once the world's fifth-largest oil producer, will "likely take many months after implementation, which itself is likely to slip from the June 30 target," said Bob McNally, president of energy research group Rapidan Group and a former adviser to President George W. Bush. Jason Bordoff, founding director at Columbia University's Center on Global Energy Policy and former adviser to President Barack Obama, agreed: "It is going to take time for Iranian oil to come back to the global market, likely not until 2016 at the earliest." The delayed impact may be quietly welcome news for Saudi Arabia, Iraq and others in the Organization of the Petroleum Exporting Countries (OPEC), who had feared that a rapid rebound in Iranian output could pile more pressure on oil prices that have halved since last summer due to a global glut.




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April 3rd, 2015  
tetvet
 
We don't need Iran or their oil we have plenty of our own and when we get rid of that jet setting nut job in the WH then the Keystone Pipeline will be turned on .
 


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