Posted on 10/30/2018 8:34:24 AM PDT by bananaman22
In what must seem like a nightmare scenario for Iran, not only is another U.S. president leveling sanctions against its economy, and particularly that economy’s lifeblood, its oil sector, but the current U.S. president has admittedly made it his mission to drive Tehran to its knees over what he sees as non-compliance over the 2015 nuclear accord between western powers and Tehran.
As recently as the start of this month, the oil markets narrative was that perhaps President Donald Trump had pushed a bit too hard by reimposing sanctions against Iran. Oil markets, for their part, were jittery while both global oil benchmark Brent and U.S. Benchmark West Texas Intermediate (WTI) futures hit four-year highs largely on supply concerns. Some predicted that $100 per barrel oil by the end of the year was imminent, while Tehran maintained a defiant tone, stating that neither Saudi Arabia nor OPEC would be able to pump enough oil to compensate for the loss of Iranian barrels, estimated between 500,000 bpd and 1 million bpd.
(Excerpt) Read more at oilprice.com ...
Probably a simplistic look at the situation but how does the US flooding the market with energy affect Iran and Russia?
another brilliant move by President Trump: by quickly making the U.S. the number-one energy-producing country in the world, it subsequently gives him another sanctions cudgel to use against recalcitrant oil-producing nations like Iran, Russia, and Venezuela ...
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