Bring on the Oil
Don’t Freak Out
Wired tells readers not to freak out over the flood of Iranian oil about to hit the market.
According to projections from three energy monitoring agencies, the global demand for crude oil amounts to 30 million barrels a day. Iran wants to double exports up to 2.3 million barrels per day, a far cry from the 6 million barrels per day it was making in the ’70s, before the 1979 revolution. The country’s oil minister says it can increase exports by 500,000 barrels per day as soon as sanctions are officially lifted (expected late this year), with another 500,000 per day added over the next six months.
Oil in the Middle East