What Would an Iran Deal Mean for Oil Markets?
- Volumes in storage could be shipped fast if accord is reached
- Work to revive fields and arrange contracts will take longer
An offshore oil platform in the Persian Gulf’s Salman Oil Field, near Lavan island, Iran.
Photographer: Ali Mohammadi/BloombergThis article is for subscribers only.
A last-ditch attempt by Europe to revive the Iranian nuclear deal has stoked speculation that millions of barrels of oil are set to flood world markets. The return could be swift if Tehran’s previous comeback is any guide.
Should an agreement materialize, Iran could ramp up sales within months, raising supply by hundreds of thousands of barrels a day before the end of the year, according to the International Energy Agency. That would help relieve a tight global market, which has been roiled by Russia’s invasion of Ukraine.