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.