When OPEC meets later this month for its ministers’ summit, price-hawk Iran will confront a new reality – for the first time since the beginning of international sanctions against the regime in Tehran, oil prices are in free fall.
In the last few days, Brent Crude is finally trading below $100, a barrel benchmark. Crude traded at the New York Mercantile Exchange was trading today around $83 a barrel.
For Iran, this is bad news.
For years, the regime was able to somewhat cushion the combined impact of externally imposed sanctions and self-inflicted economic mismanagement thanks to high oil prices. No more.