With crude from Russia runs dry due to sanctions the eye of the globe shifts to another sanctioned nation, Iran to come to the rescue.
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All efforts are on to salvage a landmark nuclear deal with Tehran that could bring Iranian oil back to the global market. The chief of the world’s atomic watchdog IAEA is headed to Tehran for a meeting on Saturday.
Iran, which holds the world’s No. 2 natural gas and No. 4 crude reserves, has the potential to provide 1 million barrels a day. At the peak Iranian oil exports clocked 2.8 million barrels per day.
Crude currently is trading near the highest level since 2007 as supply shortage concerns continue to escalate.
According to a report, Iran has been moving millions of barrels of oil into tankers since December in preparation for a deal.