Australia has a vital interest in what is happening in the Iranian nuclear talks. Iran desperately needs to have the embargoes removed from its oil exports because the country is being impoverished.
If Iran succeeds in gaining relief then there will be a substantial rise in the amount of oil in the market. At the same time, as we see from the latest BHP reports, oil recovery from American shale deposits is improving as better fracking technology lifts production. The US is on track to become the world’s largest oil producer before the end of the decade.