Looking Beyond Iran's Sanctions - Iran's Tantalizing Oil Dynamics

Iran contains some of the largest and most attractive petroleum resources in the world, so any easing of sanctions could have a major impact on oil and gas markets in the second half of the decade.

Iran's possible re-emergence as a major exporter would force a re-ordering of the world oil market both because of the country’s location on the cost-curve and the quality of its oil.

Iran’s proved oil reserves of 160 billion barrels, almost 10 percent of the world total, rank it fourth after Venezuela (300 billion barrels), Saudi Arabia (265 billion barrels) and Canada (175 billion barrels), according to BP.

Could OPEC See Individual Nation Quotas Re-installed

The then dominant quota system of per-country set margin output for OPEC member nations has since been put to sleep tracing back to 2008. But suprisingly it's one aspect member nations might have to re-consider following the happenings in the oil industry at the moment. This is fueled mostly for the recent developments arising from the Iran nuclear deal and a possible revoking of the supply embargo levied on it's oil export.

Definitely a proposal to reintroduce quotas would spark a fierce debate in the Organization of the Petroleum Exporting Countries as national prestige and market share are at stake. After refusing to cut output last year, OPEC is pumping much more than its overall output target of 30 million barrels per day (bpd) because of record Saudi Arabian output, higher Iraqi exports and a partial return of Libyan crude.

Oil Rises a Third Day as Iran Export Recovery Remains in Doubt

Oil advanced a third day as skepticism among U.S. lawmakers over a nuclear deal with Iran undermined prospects that the OPEC producer will bolster crude exports.

Futures climbed 1.3 percent in New York. President Barack Obama is dispatching three cabinet members to brief lawmakers as a Senate committee prepares to take up a bill that will give Congress 60 days to review any final agreement with Iran. Drillers in the U.S. reduced the number of active rigs seeking oil to the fewest since December 2010, according to Baker Hughes Inc.

Brent Oil Falls Towards $54 on OPEC Output, Iran

Brent crude oil fell towards $54 a barrel on Friday and was on track for its third straight weekly loss, hurt by oversupply worries after Kuwait said OPEC had no choice but to maintain output levels.

Brent for May delivery had fallen 33 cents to $54.10 by 0931 GMT. The contract is set to decline by more than 1 percent this week.

U.S. crude for April delivery slipped 21 cents to $43.75 a barrel, headed for its fifth weekly loss. The contract expires on Friday.

Brent Crude Future Prices Rise Above $61

Brent crude future prices rose above $61 a barrel on Thursday, as investors brushed aside bearish U.S. inventories data to focus on tensions in Iraq and Libya.

A deteriorating security situation led Libya's state oil company to declare force majeure on 11 of its oilfields on Wednesday.

In Iraq, Islamic State militants have set fire to oil wells in the Ajil field east of the city of Tikrit to try to hinder aerial attacks aimed at driving them from the oilfield, a witness and military source said.