FXStreet (Mumbai) – The National Iran Oil Company on Wednesday stated that they have ordered an increase in production in oil fields and can reach an output capacity of 4 million barrels per day (bpd) ‘if there is demand’.
A nuclear deal between Iran and six world powers raises the possibility of a fresh oil glut further pressuring prices, however, it depends on how quickly Iran is able to increase its production and whether other OPEC members make room for fresh Iranian supply.
(Market News Provided by FXstreet)