Iranian nuclear deal could lead to oil flooding the market

Iranian nuclear deal could lead to oil flooding market

George Johnson, executive advisor, oil & gas at KPMG, comments in response to the Iranian nuclear deal and its impact on the oil sector

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Commenting in response to the Iranian nuclear deal and its impact on the oil sector, George Johnson, executive advisor, oil & gas at KPMG, said:

“The global oil market could be braced for more uncertainty in the coming months. The Iranian nuclear deal is likely to see sanctions on exports lifted leading to an increase in Iranian crude oil production. The speed at which these barrels hit the market is currently unclear and foreign investment will be key to unlocking this potential.

“Any incremental rise in production will certainly test the Organization of the Petroleum Exporting Countries’ (OPEC) 30 million barrels per day production quota and add a new dimension to the OPEC meeting in June.”

-ENDS-

 

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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff.  The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.

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