Oil producers in Oklahoma and the rest of the nation will soon feel the impact of competition from Iran as the country made its first crude oil shipment after the nuclear agreement was reached with the Obama administration. The shipment went to Europe and Iran’s Deputy Oil Minister Rokneddin Javadi called it a “new chapter” in Iran’s oil industry, according to the official IRNA news agency. It was the first shipment of Iranian oil in five years.
Javadi did not elaborate but said several western tankers have loaded Iran’s oil over the past several days. Iran plans to add one million barrels to its oil production following the implementation of the nuclear agreement which was strongly opposed by members of Oklahoma’s congressional delegation.
While Iran expects an economic bonanza from the lifting of the sanctions, producers in the U.S. contend it will only harm them. Iran has already reached a deal to export its oil to France, Russia and Spain. At one time, Iran exported 2.3 million barrels of oil a day but its exports tumbled to 1 million in 2012. Now its current production is up to 3.1 million barrels a day.
Iran says it should not be blamed for price drops in oil.
