Confirmation that the interim nuclear deal between the major Western powers and Iran will come into force on 20th January is not in itself a game-changer for oil markets. Indeed, in the near-term, developments in Libya may prove more important. The putative oil-for-goods swap between Iran and Russia is also a reminder that some Iranian crude exports have continued to flow, despite US and EU sanctions. Nonetheless, the interim deal is an essential and significant step towards a comprehensive settlement that should eventually contribute to larger falls in global oil prices.
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