Iranian Nuclear Deal Could Lead to Oil Flooding the Market

10th April 2015

Commenting in response to the Iranian nuclear deal and its impact on the oil sector,George Johnson, executive advisor, oil & gas at KPMG, said: "The global oil market could be braced for more uncertainty in the coming months. The Iranian nuclear deal is likely to see sanctions on exports lifted leading to an increase in Iranian crude oil production. The speed at which these barrels hit the market is currently unclear and foreign investment will be key to unlocking this potential.

“Any incremental rise in production will certainly test the Organization of the Petroleum Exporting Countries' (OPEC) 30 million barrels per day production quota and add a new dimension to the OPEC meeting in June."