Friday, August 28, 2015

Oil at $50

Brent crude oil at ICE Futures Exchange in London hit $50.05 a barrel on Friday afternoon. On Monday, Brent had closed at $42.62 on concerns over Asian markets, but by today it gained back 17% to close over the $50 mark. This is a welcome news for all petrostates, including Iran, which have accounted for higher oil prices in their annual budgets.

1 comment:

Mark Pyruz said...

Relevant quotes this past few days by Bijan Zanganeh, IRI Minister of Petroleum:

“If sanctions are lifted five months from now, we can become the second largest producer in OPEC.”

“With all of our strength we have to put the oppressive [sanctions] on us to the side because protecting Iran’s share in OPEC and the world markets is our vital parameter…”

“If our exports double and the price drops in half, we don’t have a problem because we’re accustomed to living and resistance with low prices, and it is others who should be worried.”