Showing posts from June 11, 2023

Potential revival of Iranian Nuclear Deal: will the oil price be under further strain - again?

Oil price and politics in the Middle East The price of oil remains static despite the production cuts announced by Saudi Arabia, the world's top exporter of crude  oil, recently. At present, it is far below where the Saudis want it to be, given the fact that that their breakeven price at present is above that of crude oil. Production cuts mean low volume for sale and the Saudis were compelled to increase the price of oil for Asia that left the main  consuming nations in the region in a state of flux; it was a knee-jerk reaction on the part of the Kingdom, indeed. Having come to know that the impact of the production cuts on the crude oil markets was not as desirable as intended, the Saudis, then, declared that the the volume of sale for Asia will remain unchanged despite the output cut. It, however, is a case of shutting the stable door after the horse has bolted.  A belated move of this kind, however, will not change the existing dynamics of the oil markets: China and India, the w

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