Iran stormed back into the global oil market yesterday, ordering an immediate sharp increase in production and prompting warnings from fellow Opec members that it risks prolonging the biggest price crash in a decade.
Brent crude, the international benchmark, fell below $28 a barrel for the first time since 2003, as Iranian tankers loaded with 50m barrels of crude prepared to set sail following the lifting of US and EU sanctions.
Marking the end of years of economic isolation, the head of Iran’s national oil company ordered an increase in output of around 500,000 barrels a day, further straining relations with its regional rival Saudi Arabia, the biggest oil exporter.
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