| Ample supply and the nuclear deal with Iran have pushed the price of West Texas Intermediate down about US$9 per barrel to just more than $50 since the beginning of this month. But the $30 per barrel levels predicted by some New York analysts are very unlikely to be seen.
The oil sanctions on Iran will not be lifted until the end of the year, only after the International Atomic Energy Agency issues a report in mid-December on Iranian compliance with the agreement reached last week in Vienna. That means it will be 2016 before any of the 0.5 million barrels per day (mbpd) of spare capacity promised by Iranian oil minister Bijan Zanganeh can be added to Opec supply...............................................Full Article: Source
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