Wednesday, August 21, 2013

Is Iran About To Embark On An Oil Price War?


Iran Oil Minister Hints At Price War To Win Back Market Share -- Fuel Fix

Iran’s new oil minister, Bijan Namdar-Zanganeh, has released plans to raise oil production 70 percent to 4.2 million barrels a day to try to win back old customers, even if it means starting a price war.

Iran, historically the second-largest oil producer in the Organization of Petroleum Exporting Countries after Saudi Arabia, has slipped to sixth place, producing 2.56 million barrels a day, according to data compiled by Bloomberg. Sanctions imposed by the U.S. and its allies against Iran over the past year to curb its nuclear program have restricted the country’s oil exports.

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My Comment: More proof that sanctions are impacting Iran .... and while Iran may not change it's nuclear policy .... it appears that they have decided to change their policies towards OPEC and a fixed price for oil.

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