30 May '15, 7pm

#peakoil ISIS is making the biggest threat to oil prices even worse: Thick black smoke rising from the Baiji o...

Iran opposed Saudi Arabia last November when the kingdom’s oil minister, Ali al-Naimi , insisted that the group should stand on the side lines and allow market forces to drive down the oil price in order to render high-cost oil such as US shale unprofitable. Years of sanctions have crippled Iran’s economy and eroded its oil industry, which has added to pressure on the regime to agree to a nuclear deal with America under any terms. However, Iran needs oil prices above $100 per barrel in order to support its Shia Muslim allies, including the Houthis fighting Saudi Arabia in Yemen, in the wider Middle East.

Full article: http://peakoil.com/publicpolicy/isis-is-making-the-bigges...

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