Iran Set to Pump More Oil Into Market Glut (1 Viewer)

[D.O.A.]

HOUSTON — With international sanctions lifted, the Iranian government called on its oil industry Monday to open the taps on production, a move that could add to a global glut of crude that has sent prices into a tailspin.

Benchmark prices edged further below $30 a barrel as traders considered the prospect of new oil flowing into a global market already oversupplied by one million barrels a day, roughly enough to fuel the needs of every driver in a state the size of Pennsylvania or Ohio.

Iranian news organizations quoted Rokneddin Javadi, the deputy oil minister, as saying Iran was ready to add 500,000 barrels a day to its output. But some oil analysts doubt the Iranians can deliver all the production they promise.

http://www.nytimes.com/2016/01/19/business/international/oil-iran-sanctions.html?_r=0

this is good news because;

Oil price crash means petrol could become cheaper than bottled water

 

[sincisor]

i'm old enough to remember when it was 'omg, the world is running out of oil! we need to find alternate resources!' dumbasses.

 

[McM]

We had four 'car-free' sundays in the early 70's here, because the oil-crisis.
But after the fourth sunday, too much got an exception to drive, they stopped that shit.

 

[Sev]

In before the end of the petrodollar