Wall Street Daily: Iran Will Soon Pump Oil at $1 Per Barrel
It’s a true tell of the state of the markets, when a tired old story sends oil rocketing about 10% higher in price
In this case, that “tired old story” is Venezuela calling for an emergency meeting of OPEC and Russia.
Venezuela has a habit of calling for such meetings because its leftist government thinks oil should never sell below $100 per barrel.
The market reaction tells me that the oil price has further to decline. Too many people are still too anxious to jump aboard the oil train before it leaves the station for the land of higher prices.
And why exactly do I believe the price of oil will further decline? In a word: Iran.
Read more ....
WNU Editor: It is fitting that this post comes after Russia, Saudi Arabia, Venezuela, and Qatar agreeing to a production freeze. Bottom line .... Iran wants money and they will do it by grabbing oil market share from their competitors. The net result is then predictable .... today's agreement to freeze production will not deter and/or stop other countries from pumping oil.
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