Oil: compressed investment cycle

摘要

The price of Dated Brent dipped below $50/barrel inrnAugust, owing principally to the expectation of a return ofrnhigher Iranian crude volumes – some 600,000-800,000rnb/d of additional crude – from early 2016. This followedrnthe agreement reached in July between the P5+1 grouprnof world powers and Iran over its nuclear program, whichrnopens the way for a lifting of international sanctions onrnthe country, allowing unimpeded oil exports.