One of the interesting narratives about the Obama-Iranian alliance is that is has applied pressure to our friends, the Saudis. You know, the people who ‘demolitioned’ the World Trade Towers.
The House of Saud has offered to freeze production at an absurd 10.7m barrels per day, way above any historical level over the past decade.
Iran, fresh off of getting out of sanctions, was like ‘go fuck yourself,’ when asked to adhere to some sort of oil freeze. They’re just getting back in. Also, and bear in mind, Iran is capable of producing triple the current amount, which is only 3.6m bpd.
In other words, a deal that was never going to get done didn’t get done, so now oil is collapsing. Makes sense?
Look at this shit, utterly retarded.
WTI is cascading lower, off by 3.4%.
retard is as a retard does. oil bonds are retard x100
Anyone that bets on what the ragheads say deserves to lose their money.