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Iran Sees ‘No Threat’ From Oil at $25 as Prices Keep Falling

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oil refinery, Saudi Arabia

OPEC has no plans to support world oil prices.This means that "black gold" may  be cheaper to 25 dollars per barrel soon , according to the government of Iran. In this regard, the Minister of petroleum of the Islamic State BGAN Zangana tries to prevent a sharp decline in oil prices through consultation with other member States of OPEC. However, such consultations have not yet produced results.

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Devildoc68 

Hmmm.... and just a week ago Iran was begging the Arabs to do something about the price...amazing eh? Iran lies so much they believe what they say themselves. Guess it is not just American politicians who think the general public is stupid.

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dtrahan 

Just curious why so many are reporting the OPEC story of how the US has contributed (or caused) a glut in oil production. Given the US is still one of the largest (if not the largest next to China) net buyer of crude in the market. The US consumes 18.5 MMBbl/day, it produces around 9.5 MMBbl/day, a gap of 9 MMBbl/day. The US's daily purchases are more than the total output of most of OPEC's producers. So yes the US is producing more from within its borders. Its not exporting oil to "compete" with OPEC, its becoming self sufficient in its production. Energy policy in place or no energy policy, the US is moving toward alternatives, etc. Many countries are moving to alternatives. While the percentage in the US is still small the cumulative impact across the board here and in other countries will also have an impact on world oil consumption.This is not about the US shale oil creating a glut, its a lot more than that.

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Published by Tom , 20.01.2015 at 22:41

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