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Time to bring Iranian oil back to the market

The obsession among oil analysts with the weekly rotary rig count in the US and what it might mean for marginal supply from North America has let a bigger, longer-term obstacle to price recovery emerge almost unseen.

Its name is Iran and as the summer deadline for a nuclear deal looms, the market should start paying attention. While an agreement would keep prices lower for longer, it would also provide rich opportunities for the world's oil industry. The White House says the chances of an agreement are "50-50, at best". There are certainly many problems that could yet scupper the talks. Opposition to a deal from many US allies, including Gulf Arab states and Israel, remains immovable. Hardline politicians in both the US and Iran are doing their best to look tough and spoil a rapprochement. But the omens look encouraging. Iran's fighting against Islamic State in Iraq is doing the US a favour. On Syria, US

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