In the second half of 2015 the oil prices could significantly go down: Iran is ready to almost double oil export, if the international sanctions are lifted. The experts forecast that inflow of Iranian oil could bring down oil prices to $30.00 per barrel.
“If the sanctions are lifted, we could increase our export by 1 million barrels a day within several months,” reported Bloomberg citing Oil Minister Bijan Namdar Zangane. At present Iran delivers about 1.2 million barrels of oil a day to the international market.
The sanctions could be raised, if the agreement on the Iranian nuclear program, which is scheduled for June 2015, is signed. Now Iran and the countries-mediators have been working on the framework political agreement, which could be concluded till March 24, 2015.
Even signing of this framework agreement could change situation at the market in the near future.
However, OPEC forecasts serious financial problems for Russia even with the current prices. “Price decline per each dollar reduces Russia’s annual income from export by $3 billion. This means that even if oil price remains $55.00 per barrel within a year, in 2015 Russia will earn $135 billion less, than in 2014,” reads the report.
