Editor's Note: This post was originally published on May 29, 2015 and has been updated for freshness, accuracy, and comprehensiveness. Any opinions or forecasts in this post reflect the subjective judgments and assumptions of the author as of May 2015.
Iran eagerly awaits the opportunity to escalate its oil exports. A final agreement on the country's nuclear capabilities is expected this summer: we believe that sanctions will start to be peeled back and Iran will be able to increase production. Within 12 -18 months, they will likely be producing an additional one million barrels per day. It’s also likely that Saudi Arabia, now producing well above its quota
, will be called on by OPEC members to reduce its production in order to accommodate Iran's higher output.