Oil has dipped below the 30 dollar a barrel price. That represented a
drop of 4.5 percent which means it has tumbled a massive 70 percent in
the past eighteen months.
Friday’s fall comes amid growing concern for the market as Iran is set to turn its oil taps back on.
And Tehran has plenty of it. It’s reported 22 large crude carriers
are floating off the coast 13 of which are fully or almost fully loaded.
Iran’s share in OPEC’s oil reserves is 13.1 percent making it the country with the world’s fourth-biggest proven oil reserves.
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Source: Euronews
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