Iran nuclear deal to affect oil prices

Tehran, March 23, IRNA – A senior Iranian lawmaker has said that a possible nuclear deal between Iran and six world powers would affect global oil prices.

“Doubtlessly, in case an agreement is reached in the nuclear negotiations, Iran will be influential in the global oil pricing,” the head of Majlis Energy Committee, Ali Marvi, said.

“The black gold prices are currently growing in the world markets and sanctions relief on Iran will pave the way for more exports. Therefore, this issue will affect the world pricing,” he added.

Asked if Iran sanctions relief would help supply overcome demand in markets, the MP said: “In that case, the Organization of the Petroleum Exporting Countries (OPEC) will make a more serious decision and the countries not abiding by the supply ceiling will have to accept the exports ceiling.”

“The world oil market should be a balanced one in which the producer and the consumer would enjoy equal conditions. If the ongoing irregular conditions continue, OPEC will intervene on the issue of exports,” he said in a report.

Marvi also forecasted the oil prices to vary between $80 and $90 in the new Iranian year which started on March 21.