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January 18, 2016 10:42 am

Report: Oil Market Oversupply Dashes Iran’s Economic Hopes After Lifting of Sanctions

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An Iranian oil rig. The OPEC benchmark average barrel of oil is selling for just $25, less than a quarter of the 2012 level. Photo: Press TV.

An Iranian oil rig. The OPEC benchmark average barrel of oil is selling for just $25, less than a quarter of the 2012 level. Photo: Screenshot.

Iran is about to get a refresher course in the capricious nature of the oil market and the durable nature of economic sanctions.

When US and other international sanctions were tightened in 2012 and took nearly 700,000 barrels a day of Iranian crude oil off world markets, the price of an average barrel of OPEC oil ran $109.45.

Read full story at The Washington Post.

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