Thursday, October 9, 2014

Oil Prices Falling

Price War Expected
Brent fell to $89.29 today, a 20 percent decline from its June peak of $110. And Iran and Saudi Arabia trimmed prices for November crude shipment to Asia. (Bloomberg, 9 October)

The Saudis reduced prices to lowest since 2008, signaling the start of a potential price war between OPEC members seeking to maintain market share.

“The reporting that Iran (is also) cutting November prices is adding to concern that there will be a struggle with the Saudis over market share,” said Bob Yawger, director of the futures division at Mizuho Securities. (Bloomberg, 9 October)

File photo: Iran's oil export terminal at Kharq Island (Getty Images)


Anonymous said...

extremely bad news for Iran.

Anonymous said...

Good news for Iran and bad news for the occupying thieves who are holding Iran to ransom.