If they really can deliver an additional 500 thousand barrels a day, it would make a dramatic impact. However, the last month of oil prices have already included that fear.
Last year the world produced 96.3m b/d of oil, of which it consumed only 94.5m b/d. So each day about 1.8m barrels went into storage tanks—which are filling up fast.
I guess I still just don’t see what the big deal is..
Iran’s possible .5 mb/d increase to the over-supply of 96.3 bb/d is a 1/2 of 1 percent increase overall.