What’s Next for the Crude Oil Mark in Iran? – Market Realist

On Tuesday, May 2, 2016, Iranian Oil Minister Bijan Zanganeh reported that Iran’s crude oil exports will triple their yearly amounts to South Korea. Iran will increase its crude oil production until it hits pre-sanction crude oil production levels of 4 MMbpd. This rise in crude oil production from Iran will add to the oversupplied market and will negatively affect crude oil prices. At the same time, low crude oil prices are driving oil producers to produce more to offset lower oil prices. (Read “How Are Oil Prices Squeezing OPEC Members’ Budgets?” to learn more.)

Multiyear low crude oil prices impact oil and gas producers like the National Iranian Oil Company, Oasis Petroleum (OAS), Energy XXI (EXXI), Triangle Petroleum (TPLM), QEP Resources (QEP), and Denbury Resources (DNR).

via What's Next for the Crude Oil Mark in Iran? – Market Realist


About marypmadigan

Writer/photographer (profession), foreign policy wonk (hobby).
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