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Iranian Sanctions and Oil

Vox_Veritas
Posts: 7,065
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12/26/2015 4:35:53 AM
Posted: 11 months ago
Iran has the fifth largest proven oil reserves in the world. However, due to heavy sanctions over their nuclear program they haven't been a big player in the international oil market.
At this current time the global price of oil has dropped considerably; the Russian economy, which is largely dependent on oil, has suffered due to a decline in profits. Further production of oil without an increase in demand would naturally result in the price of oil dropping further.
So does the possibility exist that Obama's trying to make a nuclear deal with Iran so that sanctions can be dropped and global oil production can increase, further dropping prices (which would make things tougher for Russia and allow the average American to experience cheaper oil)? Thoughts?
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Greyparrot
Posts: 14,221
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12/26/2015 5:10:01 AM
Posted: 11 months ago
At 12/26/2015 4:35:53 AM, Vox_Veritas wrote:
Iran has the fifth largest proven oil reserves in the world. However, due to heavy sanctions over their nuclear program they haven't been a big player in the international oil market.
At this current time the global price of oil has dropped considerably; the Russian economy, which is largely dependent on oil, has suffered due to a decline in profits. Further production of oil without an increase in demand would naturally result in the price of oil dropping further.
So does the possibility exist that Obama's trying to make a nuclear deal with Iran so that sanctions can be dropped and global oil production can increase, further dropping prices (which would make things tougher for Russia and allow the average American to experience cheaper oil)? Thoughts?

I seriously doubt Obama's agenda is for cheaper oil. The price dropped for global reasons anyway.
58539672
Posts: 105
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12/26/2015 7:09:18 AM
Posted: 11 months ago
At 12/26/2015 4:35:53 AM, Vox_Veritas wrote:
Iran has the fifth largest proven oil reserves in the world. However, due to heavy sanctions over their nuclear program they haven't been a big player in the international oil market.
At this current time the global price of oil has dropped considerably; the Russian economy, which is largely dependent on oil, has suffered due to a decline in profits. Further production of oil without an increase in demand would naturally result in the price of oil dropping further.
So does the possibility exist that Obama's trying to make a nuclear deal with Iran so that sanctions can be dropped and global oil production can increase, further dropping prices (which would make things tougher for Russia and allow the average American to experience cheaper oil)? Thoughts?

I doubt that was the indented result of the Iranian Deal, but it may have been a happy accident. Oil prices have been dropping because the US has increased its own production significantly, Europe has reduced its demand for oil, Asian markets are now competing with traditional oil producing nations which in turn drops prices, and places like Russia keep pumping out as much as they can despite the trend of declining oil prices. The addition of Iranian oil wouldn't be that much of a global factor as these other trends.