Tuesday, October 21, 2014

Iran Accuses Arab Oil Producers of Conspiracy to Bring Down Prices

Iran has accused Arab oil producers of plotting with the West to bring down oil prices as a tactic to undermine the Iranian economy.

“Some so-called Islamic countries in the region are serving the interests of American and (other) arrogant powers in trying to squeeze the Islamic Republic,” said government spokesman Mohammad Baqer Nobakht. “The (the West) have forced our oil production from 4 million bpd to 1 million bpd, and this recent fall of oil prices is their latest gimmick.” (Mehr News Agency, 21 October)

When oil prices spiked above $100/barrel in June, the Iranian government did not mention the existence of any regional or international conspiracies. Nobakht’s conspiracy theory aside, his comments show that if the price of oil remains at around its current levels, it would seriously undermine the Iranian economy.

Meanwhile, Brent for December settlement increased 37 cents today, to $85.77 a barrel on the London-based ICE Futures Europe exchange. Oil futures, however, have decreased 23 percent this year. (Bloomberg, 21 October)

Oversupply of oil in the market is seen as the primary cause for the declining prices.

File photo: Iranian oil export terminal at Kharq (Getty Images)


Mark Pyruz said...

Fuel prices here in the Bay Area are the highest in the country.

Since the surprising dip in price (a full 34 cents less pre gallon), upon reading the price on the pump I say out loud "God bless President Obama!"

Anonymous said...

Arab countries are serving their own interests...and if doing so harms iran's economy and reduces the amount of money that the Ayatollah's lackeys can devote to threatening and subverting Iran's Arab neighbors, all the better.

the Iranian government LOVES to squeal about their own "rights" but also resorts to complaining when other nations exercise their own sovereign rights.

Anonymous said...

Well said anon 5:35

Anonymous said...

Oh boo hoo,what a bunch of cry babies! Maybe if they stopped being such idiots by pretending to fight the US and its allies and screaming "death to America" all the time they wouldn't put Iran in such a pickle.They made their own bed now lay in it.

Anonymous said...

thank you for the kind words

Anonymous said...

AnonymousOctober 21, 2014 at 5:35 PM
And who exactly is iran subverting?,the last time I looked it was the arabs or turkey trying to subvert each other,like in syria for instance with the turks and the various pgc factions trying to overthrow the government,or the saudis exporting their wahabist terror across the region

Anonymous said...

Anon 6:19 AM

And when was the last time you "looked",lol ?

Anonymous said...

Lebanon, Yemen and other Gulf states

Anonymous said...

AnonymousOctober 22, 2014 at 2:45 PM
Pretty funny subversion Hezbollah is part of the political process in lebanons democracy,as for "yemen and the other gulf states" well I guess if saudi arabia says its true it must be,altho` considering their track record when they werent crushing peaceful demonstrations in bahrain they were smuggling arms and wahabist terrorists into syria along with the other pgcs,looks like its your wahabist arab friends who are doing most of the subverting in the me,backed up by good old uncle sam of course

Anonymous said...

hezbollah ferdamnsure isn't part of any political process in Lebanon.

the hezzies are loyal to Iran which uses the shia group to subvert Lebanese sovereignty. the Iranians have so stuffed the hezzies with weaponry that they easily out-gun the Lebanese armed forces and the hezzies defy Lebanon's legal system.

Anonymous said...

AnonymousOctober 24, 2014 at 10:54 PM
Hezbollah has seats in the government,if thats not being part of a political process then I dont know what is,just because you may not like it does not mean they are not a legitimate political party with widespread support,as for hezbollahs military wing and its weapons if it wasnt for them israel and its collaborators would still be occupying southern lebanon to this day