Iran to the rescue of oil markets ? Sanctioned nation says ready to export crude

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.