Oil prices plunge on concerns about Greece, possible Iran deal
On July 5, Greek voters rejected creditors’ bailout terms in a referendum and this has raised concerns about the possibility of a Greek exit from the eurozone. In addition, Iran and the P5+1 countries (the US, France, Russia, China, the UK and Germany) are in ongoing negotiations to reach an agreement regarding Iran’s nuclear program, which may result in US and EU economic sanctions being lifted. If the sanctions are lifted, Iran is planning to double its oil exports from the current level of 1 million barrels per day (bpd), which is also exerting downward pressure on oil markets.
Meanwhile, China’s persistently slowing economy and an increase in rig counts in the US have also been also cited among the main reasons behind the decrease in crude prices.
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