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Oil price drops after Iranian announcement

Iran will quickly increase the oil export when the sanctions against the country are lifted at the beginning of 2016. The country's export can be boosted by about 500,000 barrels a day.

Photo: Stoc Tankers

Following nice increases in the price last week, the oil price has resumed its negative trend which has characterized big parts of 2015. The explanation, according to Bloomberg News, is to be found in announcements from Iran that the country will quickly increase the oil export, when the sanctions against the country are lifted at the beginning of 2016.

According to the head of the national oil company, Iran's export can be boosted by about 500,000 barrels a day, as soon as within a week of the sanctions being lifted. In a period of six months, deals have been made to increase the export by a total of 1 million barrels a day.

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