The long awaited decision was finally concluded yesterday with Iran agreed to gives up its of nuclear program in exchange with relief in sanctions. This deal will open up Iran’s vast crude reserved to the rest of the world. Once the sanctions are lifted Iran could finally reach these nations and can bump out its exports. But according to analysts, pushing down of crude values will not happen immediately. It is likely to take six months before any significant impact could be seen on oil prices. If everything is according to the deal, the sanctions won’t be lifted on Iran until 2016 at the earliest. Post that Iran can finally start selling around 30 to 37 millions of oil which it has currently stored in vast floating tankers off its coast.
