#AceNewsServices says WASHINGTON — Iran’s nuclear deal with the West could allow more Iranian oil on the world market in the coming months, but it remains to be seen whether sanctions will be lifted enough to allow the pariah nation to return to its former position as an energy power.
The deal lasts for six months, during which time the two sides will seek a permanent settlement. The consequences for global energy will be huge if the negotiations eventually lead to an end of international sanctions, including the European Union’s ban on purchases of Iranian oil.
“If Iran really gets back to producing its oil and expanding capacity, the potential is almost as big as the shale gas revolution in the United States,” said Phil Flynn, senior energy analyst for the Price Futures Group.
Iran holds the world’s fourth-largest proven oil reserves and second-largest natural gas reserves, according to the International Energy Agency. Iranian oil exports have plummeted by 60 percent in the past two years as a result of the international sanctions. The sanctions have crippled Iran’s economy, which relies on crude oil sales for 80 percent of its export earnings.
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