Rise in Iran oil exports adds woe to shale oil producers amid glut

New York

SHALE oil producers already awash in a supply glut face added crude as early as next year after an agreement to ease sanctions on Iran cleared a Senate obstacle.

A Senate vote on Thursday paved the way for President Barack Obama to ease financial penalties for doing business with Iran. Democrats kept Republicans' disapproval resolution from advancing in a 58-42 procedural vote, with 60 required. That may allow additional Iranian exports to hit the market as early as the first quarter of 2016. New supplies will exacerbate a global oversupply that sent oil tumbling by more than half in the past year, and add to the woes of the cash-strapped shale industry.