Following marathon talks Iran and the P5 1 have announced a final accord. The deal's implementation is pending approval from the US congress and the Iranian Majles. Even if all parties approve the deal which is by no means certain the process to remove sanctions could take several months. As a result we do not expect Iranian crude to flood the market in the near term. We believe it could take Iran until the end of 2017 to increase production of crude oil by 600 000 b/d.