Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV

Brent oil falls 2.6 percent after Iran nuclear deal

by Anadolu Agency

ANKARA Jul 14, 2015 - 12:00 am GMT+3
A worker rides his bicycle past steel rims in a dockyard at Mumbai Port Trust in Mumbai in this November 17, 2014 file photo (REUTERS photo)
A worker rides his bicycle past steel rims in a dockyard at Mumbai Port Trust in Mumbai in this November 17, 2014 file photo (REUTERS photo)
by Anadolu Agency Jul 14, 2015 12:00 am
Brent crude oil prices fell 2.6 percent Tuesday as Iran and the P5+1 group reached a final nuclear deal that will see the removal of the sanctions on Tehran.

The price of the global benchmark decreased to as low as $56.76 per barrel, after it opened at $58.28 per barrel on Tuesday, according to official data.

A lifting of sanctions on Iran means the country will be able to increase its oil exports, which would raise the glut in global oil supply and create downward pressure on prices.

In addition, Iran is planning to increase its oil production by attracting foreign investment into its oil sector.

On April 20, Iran's Oil Minister Bijan Zangeneh said the Organization of the Petroleum Exporting Countries (OPEC) should make room for Iran's oil production, underlining that his country wants its crude oil exports to return to pre-sanctions level.

Although Iran cannot increase its oil production or exports immediately, this nevertheless creates expectations in the oil market that crude oversupply will rise globally.

"Any positive outcome of the deal will have an immediate downward effect on the prices, even before any actual Iranian production rises," a report by SVB Energy International LLC, a global energy consulting firm, claims.

While Iran's oil production was 3.6 million barrels per day before sanctions were imposed, this amount fell as low as 2.6 million barrels a day in 2013. Iran produced 3.1 million barrels a day on average in April and exported around 1.2 million barrels from this amount per day on average.

Iran is estimated to have around 36-37 million barrels of stored liquids, oil and condensate, in floating storages that could be released immediately to the global oil market once sanctions are lifted.
  • shortlink copied
  • Last Update: Jul 14, 2015 3:05 pm
    RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    homepage
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    No Image
    'People's Convoy' truck protest targets Washington
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021