Lifting of Anti-Iran Sanctions to Lower Global Oil Prices by USD 10 per Barrel

(PNA/Sputnik) — Lifting of the sanctions the West had imposed against Iran in relation to its nuclear program will lead to significant drop in global oil prices, the World Bank said in a press release.

The West had long suspected Iran of trying to develop nuclear weapons, and imposed several rounds of sanctions against it. Some restrictions limited the Islamic Republic’s export of its oil products.

On July 14, Iran and the P5+1 group, comprising China, France, Russia, the United States, the United Kingdom and Germany, reached an agreement to ensure the peaceful nature of Iran’s nuclear program in exchange for the easing of sanctions against the country.

According to the National Iranian Oil company, the country’s oil exports could be increased to up to 4 million barrels per day from their current 3-million-barrel level once the sanctions are eased.

Due to oversupply in the global market, oil prices have dropped more than twofold against the 2014 summer levels, when the price of Brent crude stood at about USD 115 per barrel. The prices are now hovering at about USD 50 per barrel. (PNA/Sputnik) JBP/CDN