OPEC reported today that the price of its basket of crude oil fell by 13 percent in June to $93.98 per barrel, sharpest monthly price decline in more than three years. Iran’s Heavy was sold at $93 per barrel, compared to $107 in May.
Also in June, Iraq surpassed Iran in oil production for the first time ever, producing 2.984 million bpd. The Iranian production fell under 3 million bpd mark for the first time, registering at 2.963 million bpd in the month of June.
Meanwhile, the International Energy Agency (IEA) forecasts oil demand growth of 1 million bpd for 2013, as compared to 0.8 million bpd for the current year.
PVM Oil Associates forecasts oil prices to fall to $80 per barrel or lower, in the absence of any military confrontation with Iran.
This is good news.
The price for premium gas has fallen to $3.93 a gallon here in northern California, roughly 80 cents less than when Iran initiated counter-sanctions a few months ago.
As for Iraq, last weekend I bought saffron imported from Iraq at my local international market. Great quality at a fraction of supermarket prices.
@Mark Pyruz.....Why is it good news?
It's a epic failure of the Islamic theocracies economic and geopolitical policies that has allowed countries like Iraq and even Qatar to overtake Iran.
Every industry that has existed in Iran is in decline.You mentioned saffron which Iran used to be the top quality producer in the world and now even Iraq is taken that over.
Good news,yeah right.
Ha Ha Ha!
You people make me laugh when you say "This is good news".
If the US drops a nuclear bomb on Tehran regime apologist will say, "This is good news because it reduces the population."
Typical regime apologists their excuse is always "This is good news."
Despite which ever the cookie crumbles.
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