The EIA (U.S. Energy Information Administration) estimates that Iran’s crude oil production rose by 20,000 bpd to 3,800,000 bpd in February 2017—compared to the previous month. Production has risen 0.5% month-over-month and 24.6% year-over-year. Iran’s crude oil production is at the highest level in seven years, Market Realist reported.
Iran was able to increase its production after the US lifted sanctions on the country in January 2016. A rise in crude oil supplies from Iran would have a negative impact on crude oil (USL) (XLE) (BNO) prices.