Iran's Cheap Oil

Upon surfing the internet I found a very interesting article published by Bloomberg Business an article titled "Asia Readies for Iran Oil Bargains on Potential Nuclear Deal," by Sharon Cho, Debjit Chakraborty and Yuji Okada. The article is about how Asia is excited to hear that maybe the sanctions on Iran will be lifted and they are ready to buy cheap oil. Six Asian refiners want the oil form Iran and cannot wait to get the deal cheap oil from Iran. Asia has to pay top dollar for Oil because they have to import the oil as far as Colombia. The U.S. is currently negotiating with Iran to lift the sanctions that limit Iran's economy. Iran can produce 2.5 million barrels a day meaning that gas prices could drop even more if sanctions are lifted. But, Asian countries will benefit the most of Iranian crude oil the top countries are Japan, China, South Korea, and India. Although the sanctions did not prevent oil trade between Iran and Asia, but it does limit how much oil they can purchase. India's Mangalore Refinery said that it would help the country of India.