As prices languish in the sub-$30 region, the emergence of Iran could lead to further shake up in an already oversupplied oil market and have a subsequent impact on growth prospects for oil-dependent Asian economies.
Economic sanctions against Iran were lifted on Saturday and Iran's oil minister said last December the country would not consider curbing oil production once restrictions are eased.
Biswas said when allowed back into the market, Iran could "come back with additional oil exports" very quickly, adding to the supply glut. Iran already exports about a million barrels a day and has the technical ability to add further 500,000 to 600,000 barrels to its exports in a couple of months.
"The collapse of oil and gas prices, as well as prices for other major commodities such as iron ore and traded thermal coal, has caused economic shockwaves for many commodity-exporting nations," Biswas said, pointing to Indonesia, one of the hardest hit commodity exporting-EM in the region.
Indonesia is expected to grow at 4.5 percent in 2016 according to IHS estimates, easing from a 6 percent clip in 2012.
Since the financial crisis of 1998, a wave of investment into coal and other commodities have been driving Indonesia's growth. These investments are looking less compelling as commodity prices crater.
"They need to restructure their economy away from that dependence on commodity towards a more manufacturing driven economy," said Biswas, adding the government is not "fully committed to that right now."
Escalating tensions between Saudi Arabia and Iran, on the other hand, will add to further volatility to the oil price outlook for 2016, which Biswas expects to remain weak.
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