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Iran’s entering oil market not to have significant consequences

Oil&Gas Materials 18 January 2016 20:30 (UTC +04:00)
Iran’s entering the oil market will not have any significant consequences.
Iran’s entering oil market not to have significant consequences

Baku, Azerbaijan, Jan. 18

By Anakhanum Khidayatova - Trend:

Iran's entering the oil market will not have any significant consequences, Valentyn Zemlyansky, the director of energy programs at the Center of World Economy and International Relations of Ukraine's National Academy of Sciences, told Trend Jan. 18.

Zemlyansky said that Iran is not a major player and it will have to find its niche on the oil market.

"The Iranian oil supplies can increase the market supply by no more than one percent," Zemlyansky said.

While commenting on Oman's statement about readiness to cut oil production by five-ten percent, Zemlyansky said that it can cause a short-term speculative effect on the stock exchange.

The IAEA countries received a final report of the agency's experts on the Iranian nuclear program October 16 preceding the official start of its implementation. The document confirms that the Iranian side has fulfilled its obligations as part of the agreement on the Iranian nuclear program. Afterwards, the EU and US have confirmed lifting the economic and financial sanctions from Iran related to its nuclear program.

Iran and P5 +1 (the US, UK, France, Russia, China and Germany) reached a historic agreement on Iran's nuclear program July 14.

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