So - adding .5 million is less than 1% increase in total production. Not to mention, it seems they may need to spend money to upgrade their infrastructure to do this - so it won't happen immediately.
This industry outlook, already includes the Iranian oil:
Forecast OPEC crude oil production increases by 0.5 million b/d in 2016, with Iran expected to increase production once international sanctions targeting its oil sector are suspended. Under the Joint Comprehensive Plan of Action (JCPOA) between Iran and the five permanent members of the United Nations Security Council and Germany (P5+1), which was announced on July 14, 2015, sanctions relief is contingent on verification by the International Atomic Energy Agency (IAEA) that Iran has complied with key nuclear-related steps. Forecast OPEC crude oil production is expected to increase by 0.6 million b/d in 2017, with Iran accounting for most of the increase.
Although uncertainty remains as to the timing of sanctions relief, EIA assumes the implementation occurs in the first quarter of 2016, clearing the way to ease sanctions at that time. EIA has moved up the anticipated implementation day because Iran has made faster-than-expected progress in meeting key obligations required under the JCPOA.
Iran's crude oil production is forecast to grow by about 0.3 million b/d in 2016 and by 0.5 million b/d in 2017. The forecast growth of Iran's crude oil production through the forecast period also depends on internal factors including Iran's ability to mitigate production decline rates and meet technical challenges and on its willingness to discount oil.
https://www.eia.gov/forecasts/steo/report/global_oil.cfm
I have not seen an analysis, but I would bet that the slow down in China might be what is causing oil prices to fall, not the fact that Iran can sell oil.
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