The real cause of the stock market fall is the fact that ISIS is selling oil at $30 a barrel
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ISIS doesn’t control enough oil to be market moving.
I agree - ISIS is only 5% - 10% of Saudi production at app. 1.2 MMbpd. They are not market movers only followers.
They are taking over oil fields. They are about to take Baghdad. It is a threat. If they take over the Middle East there goes OPEC. Already OPEC sellers are lowering their prices to compete. Cute as shale oil is, it is not the reason for the price drop. In that, the author is right.