Economics
The Oil Market May Need Until 2016 for Iran Supply Boost
- Reasonable to expect sanctions easing by 2Q: U.S. official
- Exports to remain at 1-1.1 million barrels a day until then
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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.