Oil Prices Mark Decrease Following Agreement on Iran Nuclear Program

Oil prices have marked a decrease on international markets following the agreement reached Thursday upon the Iran nuclear program.

Analysts, however, have stated that they prognose a gradual decrease as opposed to a sudden shift in oil prices after Iran enters world markets once again, Dnevnik daily reported.

Meanwhile, Brent crude oil has decrease its price by 3.8% in London reaching close to USD 54 per barrel, while the US brand WTI has decreased its prices in New York by 1.9% to USD 50 per barrel.

The sanctions will remain enact at leats until the end of June. By that time the final draft of the agreement between Iran and the other six leading countries needs to be signed.

Iran's Minister of Petroleum Bijan Namdar Zangeneh made a statement in March that Teheran is prepared to produce up to 1 million barrels a day. Meanwhile, Bloomberg analysts have stated that the country has been producing over 2.85 million barrels daily, but the production has been reduced from the 3.83 million daily units in 2010.

Prior to the implementation of the sanctions imposed by the EU and US in the middle of 2012, Iran had been exporting 2.5 million barrels.

Meanwhile, the neighboring Iraq, which is also the biggest OPEC producer, has been exporting almost 3 million petrol units daily only in March.  

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