Iran nuclear deal may open oil taps in months

Washington - A possible deal over Iran's nuclear programme that would phase out economic sanctions against Tehran is unlikely to flood world markets with more oil any time soon, despite Iran's declared intention to claw back market share lost because of the curbs.

Negotiators are still working out details of the deal they aim to seal by the end of June, but it would almost certainly lift sanctions only in stages, deferring even a partial return of Iranian crude exports until at least 2016, according to market experts, former US officials, and Western diplomats.

Progress in talks in Switzerland this month has contributed to a more than 10% slide in oil prices over the past week as some traders and analysts brace for up to 1 million barrels per day (bpd) of Iranian crude hitting markets, potentially doubling the estimated global supply surplus.