| After more than 10 years of diplomatic wrangling, the global oil and gas industry is ready to welcome Iran back to the market. The nuclear deal announced on Tuesday will eventually reopen Iran’s huge oil and gas reserves to the western companies, and bring Tehran closer to achieving its goals of rebuilding its economy, emerging from isolation and restoring crucial production and exports of its natural resources.
Iran has the world’s fourth-largest proven crude oil and the second-biggest natural gas reserves. Expectations of an agreement have already pulled oil prices lower, with ICE August Brent — the international benchmark — falling more than 10 per cent since the start of the month and trading below $57 a barrel on Tuesday...............................................Full Article: Source
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