When and How Much Iranian Oil
The P5+1 have done it. In simple terms, they have negotiated with Iran a deal to lift sanctions on Iran in return for a 10‐year hiatus in Iran’s nuclear development. Now the oil market will await higher Iranian crude exports. Early indications suggest the sanctions impacting oil sales will be lifted following a positive report from the IAEA maybe as early as December 2015. This would mean higher exports by the first quarter of 2016. In the meantime, with 35 million barrels of crude oil in floating storage, expect some minor leakage between now and then.