New York Times: Iran Set to Pump More Oil Into Market Glut
HOUSTON — With international sanctions lifted, the Iranian government called on its oil industry Monday to open the taps on production, a move that could add to a global glut of crude that has sent prices into a tailspin.
Benchmark prices edged further below $30 a barrel as traders considered the prospect of new oil flowing into a global market already oversupplied by one million barrels a day, roughly enough to fuel the needs of every driver in a state the size of Pennsylvania or Ohio.
Iranian news organizations quoted Rokneddin Javadi, the deputy oil minister, as saying Iran was ready to add 500,000 barrels a day to its output. But some oil analysts doubt the Iranians can deliver all the production they promise.
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More News On Iran Preparing To Pump Oil Into The World's Markets
Iran Gives Order to Boost Crude Oil Output Amid Global Glut -- Bloomberg
Iran boosts oil output, foreign firms keen to seal deals -- Reuters
Iran's Next Test Is Winning Back Buyers in Biggest Oil Market -- Bloomberg
Oil slumps below $28 to 2003 low as Iran sanctions lifted -- Reuters
Iran's floating oil stockpile for sale at worst time for market -- CNN
Fears of a Flood of Iran Oil Weighs on Crude Sentiment -- WSJ
Oil Trades Near 12-Year Low as Iran Gives Order to Boost Output -- Bloomberg
Oil stays under pressure as Iran orders sharp rise in crude output -- Reuters
Goldman: Iran Won’t Flood Markets With Oil -- Barron's
Iran nuclear deal goes into effect; what happens now? -- CBS
How the lifting of Iran sanctions will hit oil: Experts -- CNBC
1 comment:
Total oil production is ninety million barrels a day, and Iran would "flood" the world's oil market with half a million barrels a day? About one-half of one percent?
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