With Sanctions Ending Iran Prepares To Flood Global Markets With Oil

IBTimes: Iran Readies Oil Tankers To India As UN Prepares To Lift Sanctions

Iran is prepared to start shipping crude oil to old business partners in Europe and India with the United Nation’s nuclear watchdog expected to give a clean chit to Tehran’s nuclear program within a week, according to reports. Iran has pledged to begin pumping up to half a million barrels of extra crude per day post-sanctions amid worries that such a move could worsen the ongoing global oil glut that has already sent prices sinking to their lowest level in 12 years.

The country has 22 Very Large Crude Carriers — ships used to transport crude oil — floating off its coast, with 13 fully or almost fully loaded and carrying enough crude to meet India's import needs for about a week, Reuters reported Friday.

Iran, which has the fourth-largest proven reserve of crude oil in the world, struck a historic deal in July last year with the U.S. and 5 other world powers to curtail its nuclear program in a bid to end to sanctions that have crippled its oil exports and frozen almost $100 billion in assets. While Tehran has asserted that it is not looking to start a price war, Iran’s regional adversary — Saudi Arabia — has been working overtime to flood the market with oil, ignoring requests from other OPEC countries to reign in production.

WNU Editor: Iranian oil is already having an impact on global markets .... Oil plunges below $29 on prospects of more Iran crude, China worries (Reuters). But as oil prices continue to go down  ..... Iran has made it clear that its goal is to regain its oil market share, and that declining oil prices are secondary to their concerns .... Iran seeks to regain its oil market share, not cares about prices (Azernews).

More News On Iran Preparing To Enter Global Oil Markets

Get Ready for Iran’s Oil: Sanctions Could Be Removed Next Week -- OilPrice.com
As Iran Prepares to Sell Its Oil, Officials Look at Ways to Bolster the Price -- WSJ
Crude drops below $30 with Iran sanctions about to be lifted -- RT
Iran crude exports on track to hit 9-month high in January: source -- Reuters