January 16, 2016

Oil glut dampens Iran’s hopes for big cash flows as sanctions lift

Featuring Elizabeth Rosenberg

Source: Washington Post

Journalist Steve Mufson

Iran is about to get a refresher course in the capricious nature of the oil market and the durable nature of economic sanctions.

When U.S. and other international sanctions were tightened in 2012 and took nearly 700,000 barrels a day of Iranian crude oil off world markets, the price of an average barrel of OPEC oil ran $109.45.

But with the easing of those sanctions today, Iran is poised to boost its sales of oil in the middle of a massive glut, with the OPEC benchmark average barrel selling for just $25, less than a quarter of the 2012 level.

Read the full article in the Washington Post.

  • Elizabeth Rosenberg

    Senior Fellow and Director, Energy, Economics and Security Program

    Elizabeth Rosenberg is a Senior Fellow and Director of the Energy, Economics and Security Program at the Center for a New American Security. In this capacity, she publishes an...