'CHANGE" - The Iran nuclear deal will kill off all US Shale oil production.

Source. 

'CHANGE" - The Iran nuclear deal will kill off all US Shale oil production.(CNBC).

Brent crude oil dropped towards $55 a barrel on Tuesday as Iran and six world powers entered a final day of talks over a nuclear deal that could see the energy-rich country increase oil exports to world markets.

Disagreements on enrichment research and the pace of lifting sanctions remained as hurdles that could scupper a deal to end a 12-year standoff between Iran and the West.

Oil prices extended two days of declines as investors said a deal in Lausanne could lead to an increase in Iranian crude supply to a market already weighed down by oversupply due to rising U.S. shale production.

"If the flood gates to Iranian crude open, (prices) will probably test this year's lows again," Daniel Ang, analyst at Singapore-based brokerage Phillip Futures, told Reuters Global Oil Forum.

Iran could increase oil production by around 500,000 barrels per day (bpd) within six months if sanctions are removed, and by an additional 700,000 bpd within another year, according to estimates by Facts Global Energy.

Western sanctions have limited Iranian crude oil exports to around 1 million bpd, and shipping sources say Iran is storing at least 30 million barrels of oil on a supertankers. Hmmmm....All that is left for Iran is to close the Strait of Hormuz a few months after US Shale production and Canadian tar sands stopped. Great foreign and domestic policy move from the Obama 'admin'Read the full story here.