- Iran is reportedly in talks with Russia for the latter country to receive 500,000 bpd of oil from Iran in return for equipment and other goods.
- The deal, worth a possible $1.5B, would increase Iran's crude exports by 50%.
- Given that Russia produces its own oil, the Iranian crude may well be sold onto other buyers.
- It's not clear whether the transaction would go into effect before or after the finalization of an agreement between Iran and six world powers - including Russia - that would ease the sanctions on the Persian nation in return for the scaling back of its nuclear program.
- ETFs: USO, OIL, UCO, SCO, DBO, DTO, BNO, CRUD, USL, DNO, SZO, UWTI, OILZ, DWTI, OLO, OLEM, TWTI