A possible deal over Iran's nuclear program that would phase out economic sanctions against Tehran is unlikely to flood world markets with more oil any time soon, despite Iran's declared intention to claw back market share lost because of the curbs.
Tags: Iran
Oil deepens loss on Iran talks; Brent ends March down 12 percent
Oil fell for a third straight session on Tuesday, with Brent crude tumbling 12 percent for the month, as world powers entered into intense negotiations with Iran for a nuclear deal that could bring more of its oil to an oversupplied market.
Oil down as Iran races for Tuesday deadline on nuclear deal
Oil settled down for a second straight session on Monday as Iran and six world powers tried to negotiate a deal on Tehran's nuclear program that could end Western sanctions and allow the OPEC member to ship more crude into an already flooded market.
Oil prices drop on possible Iran deal, dollar
Oil prices fell on Monday as officials from Iran and six world powers discussed a possible deal over Tehran's nuclear program that could bring an end to sanctions and allow an increase in Iranian oil exports.
Once-bullish fund managers start to capitulate on oil prices
Last fall, when the price of oil started dropping, fund manager Craig Hodges figured crude would rebound in 2015 and began buying shares of companies he thought would be unfairly hit, including construction company Primoris Services Corp and Eagle Materials Inc, which produces sand used in fracked wells.
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Global oil prices tumbled on Friday and fell 9 percent on the week, hit by a renewed rally in the dollar and a warning by the International Energy Agency (IEA) that the oil glut is growing.
Iranian businessman Cyrus Etemadi has had a stand at Berlin's ITB travel trade fair every year for more than 20 years, even when tension with the West meant few tourists visited the former ancient kingdom of Persia.
When Israeli Prime Minister Benjamin Netanyahu urged the United States this week to take a tough line against Iran, he argued that world powers could always push for a better nuclear deal because the Islamic Republic was vulnerable to low oil prices.
Brent crude oil steadied above $60 a barrel on Wednesday after Saudi Arabia's oil minister said he expected the oil market to balance itself.
Iran is sweetening the terms it offers on oil development contracts to draw the interest of foreign investors deterred by sanctions and low crude prices, as its pragmatic president seeks to deliver on his promise of economic recovery.
OPEC's oil supply has risen this month due to more Angolan exports and steady to higher output in Saudi Arabia and other Gulf producers, a Reuters survey showed, a sign key members are standing firm in refusing to prop up prices.
A diplomatic push by Venezuela and Iran for an OPEC oil output cut has failed to soften the refusal of the group's Gulf members to do so for now, delegates said on Monday.
Oil fell 5 percent to its lowest in nearly six years on Monday, extending the second-deepest rout on record, after Goldman Sachs warned that prices would fall further and Gulf oil producers showed no sign of cutting output.
Falling world oil prices will hurt countries across the Middle East unless Saudi Arabia, the world's biggest crude exporter, takes action to reverse the slump, Iran's deputy foreign minister told Reuters.
