Oil glut dampens Iran’s hopes for big cash flows as sanctions lift

January 16, 2016 11:13 PM

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Oil glut dampens Iran’s hopes for big cash flows as sanctions lift

Iran is about to get a refresher course in the capricious nature of the oil market and the durable nature of economic sanctions.

When U.S. and other international sanctions were tightened in 2012 and took nearly 700,000 barrels a day of Iranian crude oil off world markets, the price of an average barrel of OPEC oil ran $109.45.

Also read: Saudis say to take 'big hit' on oil output for OPEC deal, Iran can freeze

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