Economics
Iran Faces Slow Road Back to Oil Market Even With Nuclear Deal
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As Iran nears a deal to ease oil sanctions after almost two years of talks, selling more crude remains a long way off.
The nation’s goal of increasing exports 50 percent as soon as restrictions are lifted won’t be fulfilled, say Goldman Sachs Group Inc., Bank of America Corp. and Societe Generale SA. That would require an extra 500,000 barrels of daily output, which the banks say will take six to 12 months as OPEC’s fourth-biggest producer complies with terms of a deal and revives aging wells. The impact on prices will be limited, the banks predict.