Oil Bulls Are Fleeing at the Fastest Pace in Three Years
Speculation that Iran will further bolster output is weighing on prices. After its nuclear accord with world powers, Iran will focus on regaining market share it lost because of sanctions, regardless of the impact on prices, Oil Minister Bijan Namdar Zanganeh said July 20.
“The Saudis are pursuing their interests,” Sarah Emerson, managing principal of ESAI Energy Inc., a consulting company in Wakefield, Massachusetts, said by phone July 24. “The Saudis see the U.S., Iraq and Iran raising production and aren’t going to lose market share.”
“There’s a lot more room for prices to slide,” Emerson said. “It’s going to take a long time for this to work itself out.”
Complete Article appears in BloombergBusiness July 26, 2015