Iran has the fourth-largest oil reserves in the world and the International Energy Agency believes it could add as much as half a million barrels per day to exports as soon as sanctions are lifted.
In an already oversupplied market this could help push down an already plummeting oil price.
"There's not been an accommodation possible in OPEC…Saudi Arabia and the Gulf countries are not going to cut back, to make room for Iran coming back into the market," IHS vice chairman of consultancy Dan Yergin told CNBC on Wednesday.
However Jason Gammel, equities analyst at Jefferies told CNBC that a meaningful further drop is unlikely, even allowing for the added Iranian supply.
"We are starting to reach the stage where we start to cause interruptions to the physical supply of oil, so I do think the price needs to come up from where it is," said Gammel on Thursday.