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Iran ready to release huge amounts of oil

The deadline for an agreement with Iran regarding the country's nuclear program expires at midnight, and Iran would be able to rapidly send huge amounts of oil into the market from the floating deposits in the country's tanker fleet.

Photo: Stoc Tankers

Negotiators, including the US, the UK, France, Germany, Russia and China on one side and the Iranian negotiators on the other side, are currently in Geneva trying to reach an agreement for a deal regarding the Iranian nuclear program, which has the potential to release huge amounts of Iranian oil into the global market. The deadline for a deal, which would enable Iran to produce nuclear weapons, expires the night before Wednesday, March 31st.

According to the news agency Reuters, Iran currently has deposits of over 30 million barrels of oil on the country's fleet of super tankers.

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