Post by omohayek on Jan 17, 2016 14:04:09 GMT
Just as I predicted, Buhari's $38/barrel budget is proving to be a fantasy, though even I didn't expect things to get so bad so quickly.
Full article here
Global oil prices will remain under pressure this week after Iran said it was ready to add half a million barrels a day to crude exports just hours after international sanctions were lifted this weekend.
Iran’s president, Hassan Rouhani, hailed a “glorious victory” as his country relished reconnecting to the global economy following the formal announcement late on Saturday that sanctions were ending thanks to moves by Tehran to scale back its nuclear programme.
Iran returns to international oil markets with prices hovering near 12-year lows because of a supply glut and waning global demand as economic growth falters. The prospect of Iran flooding the market with more crude had already dented prices last week, pushing Brent crude below $30 a barrel.
Iran’s president, Hassan Rouhani, hailed a “glorious victory” as his country relished reconnecting to the global economy following the formal announcement late on Saturday that sanctions were ending thanks to moves by Tehran to scale back its nuclear programme.
Iran returns to international oil markets with prices hovering near 12-year lows because of a supply glut and waning global demand as economic growth falters. The prospect of Iran flooding the market with more crude had already dented prices last week, pushing Brent crude below $30 a barrel.