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Iran Has a Little Surprise for Oil Market

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Lifting oil sanctions on Iran could hit global markets long before the nation starts pumping more crude.

That’s because the OPEC member has been stockpiling oil onshore and in supertankers in the Persian Gulf, according to data compiled by Bloomberg. While estimates of the hoard by shipbrokers and government officials vary from as little as 7 million barrels to as much as 35 million, Barclays Plc and Societe Generale SA predict this crude would be first to be sold abroad if there’s an agreement on Iran’s nuclear program.