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Iran inches away from the naughty step

Published Tuesday, July 14th, 2015

Bullish oil news which included Iraq cutting Basra crude oil exports in August and also launching military operations against the Islamic State together with an expected fall of 72,000 bpd in US shale oil production next month was swept under the carpet as traders focused solely on Iran. Their actions which sent WTI 54 cents/bbl, Brent 88 cents/bbl, Heating Oil 212 points and RBOB 769 points down proved to be justified. Iran and the P5+1 nations have reportedly reached an agreement that will limit the Persian Gulf country’s nuclear activity in return for the gradual lifting of international sanctions against it.

Such sanction relief will obviously include the easing of restrictions on its oil exports therefore the initial reaction of a dollar drop in crude oil futures prices is understandable. How and when such a lifting will take place is unclear at this stage but we shall have a look at the possible consequences of the nuclear accord in tomorrow’s report.

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Posted by Tamas Varga

Tamas Varga has been in the oil industry since 1992 and with PVM for 18 years. During his time in the industry he has gathered a range of experience in the oil markets. At PVM Tamas is in charge of data collection and analysis.