Forbes: New Iranian Oil Is Not Needed, But Neither Is Its Gas In Asia And Even Europe

This isn’t exactly what global oil markets need, more supply hitting already saturated oil markets. But that’s what the market is going to get soon. Iran is poised to start adding at least 500,000 barrels per day (bdp) (perhaps as much as 1 million bpd in a best case scenario for Tehran but worse case scenario for global oil markets) to global oil supply when the deal reached this summer to remove sanctions on the Islamic Republic’s energy sector kick in early next year.

Meanwhile, some think that Iran should be thinking more about natural gas than oil. On Monday, Hossein Askari, a professor of international business and former special adviser to the Saudi finance minister from 1978 to 1981, told the Tehran Times in an interview that Iran should focus more on gas exports than oil as the country is gifted with huge reserves of gas and the world is also embracing gas and renewable energies.

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