THE TOAST IN VIENNA SHOULD HAVE BEEN, "CONFUSION TO THE ENEMY":

The possibility of up to a million new barrels of Iranian oil flooding global markets, the amount Iranian officials aim to deliver within months, comes at a critical time. China's stock-market turmoil in recent weeks could slow an economy that was expected to account for a lot of energy-demand growth.

Meanwhile, U.S. production remains strong, and countries such as Iraq and Saudi Arabia are pumping record amounts.

On any given day, the world already produced more than two million barrels a day more than there is demand for, according to the International Energy Agency, which monitors oil-and-gas data for industrialized nations.

Follow @brothersjudd