Markets brace themselves for onrush of Iranian oil and gas

摘要

An agreement by Iran to allow independent monitoring of its nuclear fuel enrichment facilities has paved the way for the ending of sanctions, allowing the possibility of an increase in Iran's exports of oil. Crude oil prices have begun to fall in anticipation of this and oil producers-especially those in OPEC-have started to worry about a fall in their export earnings. In the Middle East, there is additional concern that the contrasting rise in Iran's oil revenues will enable the Iranians to increase their political, economic, and military influence across the region. The nuclear deal does not only have implications for oil. New gas projects are likely to materialize as well, including the possibility of exports to Europe and South Asia. The issues for oil and gas exporters alike are how soon Iran's plans will be realized and how great their impact will be on global markets for oil and gas.