Nowadays' big news is the removal of international economic sanctions on Iran, following the implementation of the July 2015 nuclear agreement.

Bijan Zanganeh, Iran’s oil ministry ordered the ramp up of 500K barrels per day in production. Iran says it can achieve the target almost immediately. Iran has oil tankers loaded with 50 million barrels of crude oil ready to depart. Iran has every incentive to sell more oil, just like any other producer who is trying to make up for falling revenue by shipping more volume.