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.


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.”

Unknown said...

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