Iranian crude oil hitting the market would have no "significant" effect on short-term prices but it could have an impact in the long run, one energy analyst said Tuesday.
Iran and six world powers led by the U.S. announced Tuesday they had reached a deal on Tehran's nuclear program, which would roll back some economic sanctions on the Islamic Republic pending compliance with the terms. After initially dipping on the agreement, WTI and Brent crude both rose Tuesday.
"It's going to take longer than many people think and it's going to be a lot less than people think. That's why we didn't see the impact on crude oil prices," said Fadel Gheit, an oil and gas analyst at Oppenheimer, in an interview with CNBC's "Power Lunch."
Iran would be able to raise crude oil output by 250,000 to 500,000 barrels per day by the end of this year and by up to 750,000 by mid-2016, a Reuters poll of 25 oil analysts from leading banks and brokerages forecast. With global output of 90 million barrels per day, the influx is "not really going to change it very much," Gheit said.
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However, if Iran carries out the terms of the deal and more foreign capital and technology enters the country, it could lead to a "completely different ballgame" for oil, he noted. Gheit believes that, in two to three years, Iran could possibly add at least a million barrels per day.
That could drive prices down more, as consumers with a mind for energy efficiency will continue to put pressure on demand, he added.
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