Vocal Voices

The nuclear deal reached with Iran intends to lift some sanctions; including those on oil trading. Iran has the fourth largest global oil reserves and has stockpiled billions of barrels, which it can now sell. Experts believe that Iran could load 500,000 barrels a day onto an already flooded market. So what if the price drops to $30 per barrel, it is $15,000,000 per day Iran does not currently get and begs the question: What does OPEC do?

The price of $30 is roughly half of what oil has been trading at, a big hit for the likes of the Saudis to take. Do they drop production to try to force the price up, or do they keep production up in the hope the price rises? The last option could force prices even lower. Then what do the likes of Russia, Nigeria and Venezuela do?

In the meantime cheap oil allows it to be used wastefully, well, more wastefully than it currently is - an environmental disaster.

We'll see.

Time will tell. Fuel prices have hardly dropped relative to the 50% drop in crude prices.

I suspect Saudi will go for the long view and take the money now.

The West will see this as a good result against Russia. b

Well, the economic possibilities have gone right over their heads, because according to public comments.

* Iran already has nuclear weapons
* It has (nuclear capable) ballistic missiles capable of hitting the US, UK, Australia..... in fact, anywhere. That would make them better than most in existence
* Israel will be wiped off the map at the end of Ramadan, or it might be delayed till after Eid Al Fitr when the Iranians have had a good nosh up
* It will buy all sorts of nuclear technology with its new found wealth
* Saudi Arabia has bought nuclear missiles from Pakistan: FACT!!!
* Despite there not being a decent nuclear facility or physicist in the countries of the region there will be a nuclear arms race
* We should all live in Hobbit houses with underground bunkers.

Sigh....

North Korea has the nuclear missiles to hit anywhere in the world. Iran has missiles that can hit Israel....

Interesting how the echosphere called social media can twist things sometimes..

Ah well. We shall see. If fuel prices drop too much they'll just put taxes up. That should fix the whole austerity issue shouldn't it. After all we're already paying that much for it and it would be worth tens of billions to the governments every year.... Roll on Iran selling oil prices down to $20 and our deficit being fixed in two years....

Or not.....

I read all those things on other sites.

Nobody, not anybody, except for the economists as reported by Reuters, seemed interested about what could otherwise happen. Even the GOP Senators and Representatives were going full-tilt with the nuclear war thing.

Ah well...

As Greece and Cyprus will tell you. Economic warfare is also extremely painful. Although not fatal. But, more easy to get away with your skin when doing it....