Daily Times

Crude oil prices fell over two percent on Wednesday amid reports that Iran is preparing to boost production and exports of crude oil as talks on the nuclear deal with the United States continue to progress.

At 1220 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, was trading at $65.34 a barrel after shedding 2.01 percent. Likewise, the US West Texas Intermediate (WTI) crude futures shed 2.03 percent to reach $64.16 a barrel. The price for Opec Basket was recorded at $67.52 a barrel with 2.06 percent increase, Arab Light was available at $67.76 a barrel with 1.98 percent decrease while price of Russian Sokol decreased 2.00 percent to reach $68.23 a barrel.

According to reports, Iran could return to a production level of 4 million bpd in as little as three months. What’s more, it could add to that figure millions of barrels of crude currently in storage, the report said.

At the moment, the National Iranian Oil Company is preparing fields for greater production, even though a deal is not certain at all. Even if signed, it will take a while for all hurdles the Trump administration placed on the way to Iranian oil to international markets to be removed.