Iran, it’s fair to say, is giddy at the prospect of the West’s lifting sanctions on its oil exports as part of ongoing nuclear talks. It reportedly intends to double those exports as soon as possible, a possibility the rest of the world’s oil suppliers—and especially Iran’s fellow OPEC member states—aren’t looking forward to in today’s oversupplied, bearish market. But while no petrostate wants crude prices dipping further because of a resurgent Iran, Russia may be the biggest loser if this deal goes through. Bloomberg reports:
“Iran is going to be competing in Europe head-on with Russia,” said Ed Morse, head …read more
Source: The American Interest
