(Click To Enlarge)Iran's Fear of Low Oil Prices -- Threatswatch
The price of crude oil has hit an 8 month low, dipping to just under $90 a barrel. The decrease in price is being attributed to the global financial slowdown, which analysts believe will lead to a reduction in the consumption of gas. The decline in price should come as some relief to the average American and the numerous industries that are struggling to cope with the ripple effects of high energy costs.
Iranian leadership, however, view the decline in the price of oil with great concern. Speaking at the Second International Gas Conference in Tehran, a gathering that includes leading oil and gas producers, Iranian Oil Minister Gholam Hossein Nozari called on OPEC members to stabilize prices at over $100 a barrel. “A price of US$100 and below is not suitable for anybody, neither oil producers nor oil consumers… OPEC members need to respect their output quota to avoid a worsening of the oversupply.”
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My Comment: The same can be said about Russia, Venezuela, and a large number of other oil producers.
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