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Iran nuclear deal opens opportunities for Western oil firms

Iranian Deputy Foreign Minister and chief nuclear negotiator Abbas Araghchi (L) and Foreign Minister Javad Zarif react as they listen to President Hassan Rouhani speaking during a press conference in Tehran on April 3, 2015The Iranian nuclear deal, which heralds a lifting of sanctions choking the country’s economy, could offer an unparalleled opportunity for foreign oil companies, but may take time to tap. Thursday’s deal “could represent a first step towards a return of Western oil companies” to Iran, said an analyst. Despite sanctions cutting oil output by over a quarter, from 4 million barrels per day in 2008 to 2.81 mbpd on average in 2014, Iran still remains the fifth largest producer in the OPEC oil cartel. Iran holds the second-largest gas reserves in the world behind Russia.

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