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Why oil traders should keep an eye on Iran even as nuclear talks look unproductive
The U.S. and other world powers haven’t made much progress in reaching a new nuclear deal with Iran, but with data showing the nation’s crude oil production at a nearly two year high, traders can’t afford to ignore the amount Iran can potentially add to global supplies.
“Iran’s export capacity is approximately 2 million barrels per day, and it appears that it is already skirting the sanctions” by selling oil under the radar to Chinese buyers, said Manish Raj, chief financial officer at Velandera Energy. He believes that an additional 1 million barrels per day of Iranian supplies are ready to hit the market as soon as the sanctions imposed by former U.S. President Trump are lifted.