Posted on 10/09/2018 9:32:13 AM PDT by bananaman22
Oil prices cooled off in recent days as fears of an acute shortage of supply stemming from sanctions on Iran started to subside.
At least two companies in India have lined up oil shipments for November, the month that sanctions on Iran take effect. The 9 million barrels of oil secured for next month translate into nearly 300,000 bpd of supply. Meanwhile, other reports suggest that the U.S. is softening its zero tolerance approach to sanctions, and could issue waivers to some importers who make significant reductions but struggle to cut imports to zero. Taken together, the oil market is not nearly as concerned about a supply shortfall as it was as recently as last week.
(Excerpt) Read more at oilprice.com ...
The Iranian oil boogie man.
Reason for the 1979 oil shock and it was a hoax then too.
Iran accounts for a small percentage of world oil supply, and nowadays it’s even more irrelevant.
But whenever the oil guys want to raise prices, they trot out the Iranian Oil Boogie Man!
And everyone falls for it.
but... but... prices at the pump are all free market supply and demand... that’s what we are told anyways...
So it’s a conspiracy cooked up by the evil oil companies?
I don’t think so. You sound like Bill O’Reilly.
Oh, absolutely not.
I would NEVER imagine that OPEC ministers of the 1970’s could EVER collude to cartelize pricing.
Unthinkable.
You’re right, it was all just Fwee Market price signaling!
You think OPEC is in control of pricing TODAY?
You got another think coming.
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