BofA: Oil market has little confidence that Iran volumes can be easily replaced

In a recently published report, Bank of America Merrill Lynch argued that the oil market had little confidence that Iran's output could be easily replaced, as reported by Reuters.

Key quotes (via Reuters)

• Cutting Iran exports to zero could push oil up by $50/bbl if Saudi Arabia cannot keep up production.
• Moving from a 0.5mn to a 1mn b/d Iran export curb would push Brent prices up by $8 to $9/bbl.
• U.S. Sanctions could prove ineffective if rising oil prices largely make up for any lost Iran volumes