What’s really going on in the oil market in the wake of the failed invasion of Ukraine by Russia that has jolted energy prices around the world? The pressure stretches around the globe when it comes to oil and the US petrodollar, with Iran now clearly in the crosshairs for a sweetened nuclear deal. From Oilprice.com:
Iranian crude oil and condensate production could bounce back very quickly after a new iteration of the nuclear deal has been signed and Iran’s Petroleum Ministry orders the National Iranian Oil Company (NIOC) to ramp up production. According to a senior analyst at global energy markets intelligence company Kpler, spoken to exclusively by Oilprice.com at the time, in this scenario Iran could see an 80 percent recovery of full production within six months and a 100 percent recovery within 12 months.
The pressure is also coming from the Chinese, as the beleaguered Russians see their European export futures dwindle and are surging supply to the Middle Kingdom.