The fate of the oil market in 2016 depends in large part on a series of oil fields with names such as Ahwaz, Gachsaran, Bibi Hakimeh, and Darkhovin. All of them are pumping crude buried thousands of feet under the hills of the Zagros mountain range in western Iran. Since mid-2012 the fields have been producing far below their capacity because of U.S. and European sanctions limiting Iranian oil exports. Now that Tehran has reached a deal with the Western powers to resolve the dispute over the country's nuclear program, Iranian engineers are working to bring the fields back to full production.
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