The Christian Science Monitor: Iran Nuclear Deal - What It Means for Natural Gas

The historic deal between Iran and the P5+1 group (The U.S., France, UK, Russia, China and Germany) has several oil majors and oil refiners considering the impacts of new Iranian crude hitting the global oil market.

“As soon as Iranian oil becomes available, we will certainly start buying again. Motor Oil was always very fond of Iranian crude,” said Loukas Tripelopoulos of Motor Oil Hellas SA. The removal of international sanctions would be a game changer for the Islamic Republic, which has one of the world’s highest crude oil reserves.

Estimates vary, but Iran could pump somewhere between 400,000 and 600,000 barrels per day over the next year or so, which will enter a market that is already oversupplied by around 2.6 million barrels a day.

However, it is not just the oil that the Iranians can offer; the country has the second biggest natural gas reserves in the world.

Read the full article HERE.