MONTEVIDEO (Sputnik) — Lifting of UN sanctions against Iran, as stipulated in the nuclear deal between Tehran and international mediators, will result in global oil prices drop due to increased supply, Igor Hernandez from Institute of Higher Management Studies of Caracas told Sputnik.
"Iran already has reserves of some 30 million barrels, which could hit the market in the short run, and this would impose additional pressure [on the market] via additional 150,000 barrels per day in the next months," Hernandez said on Tuesday.
Hernandez added that lifting of sanctions against Iran could trigger the fall of global oil prices and subsequently have a negative effect of the economy of Venezuela and other oil exporting countries.
According to the Venezuelan daily El Universal, hours after the agreement was signed, oil prices began to fall on the stock exchanges in Europe.
Iran has the fourth largest reserves of crude oil in the world, but its exports decreased dramatically due to sanctions imposed by the United Nations in 2006 over concerns Tehran was developing nuclear weapons under the guise of a civilian program.
Both Iran and Venezuela are members of the Organization of Petroleum Exporting Countries (OPEC).
