Global oil prices are in for a tumble this week after Iran said it was ready to add half a million barrels a day to crude exports after international sanctions were lifted this weekend.
The prospect of Iran flooding the market with more crude had already dented prices last week, pushing Brent crude below $30 a barrel, to $29.20 by yesterday.
Iran’s return to the international oil market may worsen the global oil glut as the country looks to ramp up its crude oil exports with estimated 500,000 barrels per day.
Iran’s president, Hassan Rouhani, hailed a “glorious victory” as his country relished reconnecting to the global economy following the formal announcement, late on Saturday, that sanctions were ending thanks to moves by Tehran to scale back its nuclear programme.
The prospect of Iran flooding the market with more crude had already dented prices last week, pushing Brent crude below $30 a barrel, to $29.20 by yesterday.
Iran’s return to the international oil market may worsen the global oil glut as the country looks to ramp up its crude oil exports with estimated 500,000 barrels per day.
Iran’s president, Hassan Rouhani, hailed a “glorious victory” as his country relished reconnecting to the global economy following the formal announcement, late on Saturday, that sanctions were ending thanks to moves by Tehran to scale back its nuclear programme.