jcoure-Sto, Osh and Org tanked big late in trade today. regardless of your disbelief of saudi production costs, the oil bulls are being spooked and turning in to bears for no reason except for one - they are "forecasting' future mayhem with the new kid on the block-Iran,as "spot' took another hit this arvo.
what you also must remember is that they not only have stockpiles ready to go, but the big oil companies are lining up to take advantage, with the most likely future result being a very quick revamp of disused fields with ultra modern,efficient western tech.
whether it is $5 or $50 production , Iran has nothing to lose and has all to gain economically.
you don't seem to understand that this is a lot more than meets the eye. Iran have been enduring sanctions for a long time and the population want it to end. basically, the people have had enough, so the policy makers will try and do anything to stop dissent.
cheers crazypunter
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