The historic deal reached between P5+1 Countries (The U.S., France, UK, Russia, China and Germany) and Iran has several oil refineries considering the effects of Iranian crude knocking the doors of the global oil market. Many oil companies such as Motor Oil have already made their decision to buy Iranian oil as soon as it becomes available. The dismissal of international sanctions will have a long-reaching effect on Iran, which has one of the world’s biggest crude oil reserves. Over the next year or so, Iran will pump somewhere between 400,000 and 600,000 barrels per day into the already flooded market.
But apart from oil, Iranians also offer the second biggest natural gas reserves in the world. Even these were adversely affected by the sanctions imposed by U.S. and Europe. According to recent reports, Iran has around 34 trillion cubic meters of natural gas reserves, which equals approximately 18 percent of the world’s total natural gas reserves. Once the sanctions are lifted, Iran definitely has the capability to become a major player in the natural gas market. Despite the sanctions, in 2014, the natural gas production in Iran rose as another natural gas field was discovering in South Pars.