Iran had its sanctions lifted over the weekend, leading to a potential surge of Iranian oil flooding the market in the near future. The abrupt Iranian entry into the oil market was spurred on by their faster than expected adherence to regulations in the nuclear agreement.

This saw the price of oil sliding to a 13 year low as instability in the Middle East ramped up between Iran and Saudi Arabia. The stagnant European and Chinese economy did nothing to suggest a recovery on their side, leaving analysts to predict low oil prices for the foreseeable future.

While nearly every aspect of the manufacturing sector faces a dip in relation to the tumultuous oil situation, steel fabricators and the metalworking industry are expected to sustain their growth, even in the Middle East.

Despite the perilous position of oil, Middle Eastern countries are adamantly pressing on with their infrastructural plans, and steel fabricators and metalworkers are expected to enjoy a strong 2016 despite oil prices continuing to flounder.