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Lots of talk of oil prices everyday in the media ... the PPB is more political than the media is portraying. There is one government who needs prices to stay above $90 or their government is in serious trouble ... IRAN.
To be fair ... using this same logic ... the Bush administration is in a win position as long as the price stays above $110 PPB ... not that we'll ever see any of it but it helps their new government stay in power.
Saudi Arabia is supplying 10% over their quota ... hmmmmm? Helping America destabilize Iraq?
Saudi Arabia, the world’s largest oil exporter, will need crude prices to remain above $49 a barrel to avoid a fiscal deficit, a senior International Monetary Fund official has said.
“The UAE will have a fiscal balance at an oil price of $23, if it goes below they would run a deficit. For Qatar, the break-even price is $24 a barrel,” Khan said. Kuwait’s break-even price is $33 a barrel, he added.
“Iran’s break-even price is $90 a barrel, and that is a big issue in Iran right now,” Khan said. “If prices dip below $90 a barrel, and we have seen it touch $89 earlier this week, then they would have to tighten their public expenditure policy, and probably cut subsidies, which would be an issue for the government there – the public would not be content,” he said.
Iraq has the highest break-even price in the region, according to the IMF figures. The war-torn country needs prices above $110 a barrel to balance its books. “They are almost starting from scratch, so it’s normal... it won’t be normal if the break-even point is lower because that would mean no work is being done,” he said.
Algeria, whose minister is acting as the president of the Organisation Of Petroleum Exporting Countries this year, will be able to balance its budget with oil above $56 a barrel, Khan said. – Dow Jones Newswires
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As expected ... Iranian Oil Minister Gholam Hossiein Nozari is not happy. Well, we can be sure it's the government that is not happy but he is the oil spokesperson. The writer in that Gulf Times article i found knew this one was coming.
TEHRAN (AFP) — Iranian Oil Minister Gholam Hossiein Nozari said on Saturday that a price of under 100 dollars for a barrel of crude oil is "unsuitable."
"An oil price of less than 100 dollars is unsuitable for anyone, either for producers or for consumers," Nozari told reporters on the sidelines of a gas export conference.
The minister did not elaborate
Nozari also warned that "currently there is oversupply of oil in the market" in the amount of 400,000 barrels per day.
Saudi Arabia was producing somewhere between 500,000 and 800,000 barrels over quota per day. Stay tuned and/or post what you find. This is the new Sunni/Shia war in the view of more than a few people.
I know we have an economic mess ... but this story is way huge.
Expect Iran to provoke someone ... or perhaps Hamas will?
Iran could block the straight? Sink a ship? Blow up someones pipeline?
How huge would it be for some huge oil disaster to happen now?
Hurt America some more and get those prices back over $100 ... that is way huge and worth it if you are Iran.