Crude Prices Decline Hurting Revenues, Iran Threatens To Cut Off Supply
Sober Look | Oct 24, 2012 02:47AM ET
Crude oil prices have been on a steady decline in the past couple of weeks as global demand remains weak. These declines are pressuring Iran, who is already selling oil below market prices. That's why it was no surprise today when Iran tried to prop up prices by threatening to cut off oil sales altogether.
NYTimes story ), and it looks increasingly likely that Ahmadinejad is on his way out. It is possible that he will be used as a scapegoat by his successor who will blame him for the nation's deteriorating economic conditions. Additional declines in oil prices combined with increased sanctions from the EU and the collapsing currency will further destabilize an already strained political situation in Iran.
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