Iran last week received an extension on a November agreement that offers relief from some energy sanctions in exchange for a pledge to curb its nuclear research activity. Iran under the terms of the deal is limited to exporting around 1 million barrels of oil per day.
Before sanctions pressure increased, Iran was exporting as much as 2.3 million bpd. Though Iran's recent exports have topped the 1.4 million bpd mark, Neil Atkinson, director of research at Lloyd's List Intelligence, told the Platts energy news service major increases in Iranian crude oil exports are about a year off.
"It's not as if Iranian oil is going to start flooding onto the market," he said in an interview published Monday. "We might not see the biggest impact until the second quarter of 2015, when the largest volumes might start appearing."
Iran and members of the international community are working on finding a way to resolve the ongoing nuclear crisis. Atkinson said that, given turmoil in the immediate region, "it's in the interests of the United States to have a solid working relationship with Iran."