Iran's nuclear deal could be big news for Asia.  It will inject oil into an already over-supplied global market and bring a drop in prices.  That could translate to big relief for Indian, Japan, South Korea and China.

The six-month deal reached by the United States, Western powers and Iran is gives Iran time to hash a fuller agreement on sales of Iran's oil.  In the short-term, it doesn't do much because the under the deal, Iran can't boost sales of oil for another six months. 

However, India may be able to take get Iranian oil much sooner.  India is one of Iran's four main buyers.  India can start buying Iranian oil to increase its imports after they tumbled around 40% this year to below even what was permitted by sanctions.

One outcome, however, will be that Iranian oil will be more readily available to buyers in Asia, as European insurers will be allowed to insure oil shipments from Iran again.

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