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Exxon Must Wait for Iran Oil as European Rivals Poised to Pounce
By and
Updated on
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Separate layers of U.S. terror, missile sanctions will remain
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European oil giants set to explore Iranian investment options
What Impact Will Iranian Oil Have on the Markets?
U.S. oil explorers will sit out the next big thing even as the end of nuclear sanctions opens Iran’s vast fields to their British, French and Italian rivals.
When a decade of trade and banking restrictions against the Persian Gulf oil producer end, perhaps as soon as Monday, opportunities to invest in fields that hold almost 10 percent of the planet’s known crude reserves will beckon. BP Plc, Royal Dutch Shell Plc, Total SA and Eni SpA have all said they are ready to pounce. New exports could yield about $5 billion a year.
