IEA sees sharp rise in Iran oil output in 3-5 years post nuclear deal

April 12, 2015 6:06 PM

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IEA sees sharp rise in Iran oil output in 3-5 years post nuclear deal

NEW DELHI (Reuters) - World oil markets will not see a significant rise in Iranian supplies for up to five years even if the OPEC member and world powers clinch a final nuclear deal by end-June, Fatih Birol chief economist and future head of International Energy Agency (IEA) said.

While the likelihood of an immediate jump in Iranian supplies looks slim, the chance of a steep fall in deliveries from other regions is rising as IEA estimates companies will cut investments by as much as $100 billion in 2015 in oil exploration and production due to lower prices.

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