If a new nuclear deal between Iran and the U.S. and other Western powers is reached, over a million barrels of oil a day could hit the market, driving oil prices down, according to an industry expert.
In fact, Iran “could supply an initial 1.3 million barrels a day of oil to the market and perhaps even more as they liquidate oil that they’ve been holding in inventory for all these years,” Andy Liptow, president of Lipow Oil Associates, LLC, told FOX Business Thursday.
Still, tensions remain high between the U.S. and Iran after then-President Donald Trump blacklisted the Islamic Revolutionary Guard Corps (IRGC) as a foreign terrorist organization, along with imposing sweeping sanctions on Iran which included its oil sector, after withdrawing the U.S. from Tehran’s 2015 nuclear deal.
John Kerry, now President Biden’s climate Czar, was a chief architect of the nuclear deal.
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