The lifting of sanctions against Tehran has the potential to significantly undermine oil prices, with the US government saying that it would reduce its forecast by $5 - $15 for 2016 if a final deal is agreed and Iran ramps up its exports by about 700,000 barrels per day. "Lifting sanctions could substantially change the [EIA's] forecast for oil supply, demand, and prices by allowing a significantly increased volume of Iranian barrels to enter the market," the US Energy Information Administration (EIA) said Tuesday in its latest monthly report.
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