Iran’s return to the world’s energy markets will likely result in trade-flow shifts as the country’s crude jostles to push aside others in a market already awash with oil.
The imposition of sanctions in late 2011 cut Iran’s crude and condensate exports almost in half from pre-sanctions levels to 1.4 million barrels per day (bpd) as of 2014.
Ideally situated between European and Asian refining customers, Iran now plans to upend other exporters that took its place during the interim.
