TEHRAN: Iran’s crude oil exports could rise by half a million barrels per day within 6-12 months once sanctions against it are lifted, the International Energy Agency said on Monday, adding to a glut that has pulled Brent prices to levels last seen in 2004.
“As soon as the sanctions are lifted internationally, Iran in six months to one year will bring an additional 500,000 barrels per day to the market,” said Fatih Birol, Executive Director of the International Energy Agency ( IEA), in Tokyo.
Iran’s barrels would add to an already oversupplied market that has seen prices fall by two-thirds since mid-2014, undercutting lows seen during the 2008 financial crisis and pulling oil to levels last seen more than a decade ago.
Birol also said that he expected no significant oil price increase before late 2016.
He reiterated his concerns that the price decline is deterring investment, which risks leaving the market short in just a few years’ time.
“What we see today is that as a result of the policies driven by the key producing countries, we are seeing prices remaining low and lots of oil production in non-OPEC regions are under pressure,” he said.
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