by Monster Sat Jan 16, 2016 6:06 pm
කිත්සිරි ද සිල්වා wrote:International sanctions to be lifted on Saturday
International sanctions on Iran will be lifted on Saturday when the United Nations nuclear agency declares Tehran has complied with an agreement to scale back its nuclear program, Iran's foreign minister said.
Foreign Minister Javad Zarif arrived in Vienna, headquarters of the International Atomic Energy Agency, the U.N. body expected to issue a report triggering the lifting of sanctions imposed by the United Nations, United States and European Union.
The sanctions have cut off a nation of nearly 80 million from the global financial system, drastically reduced the exports of a major oil producer and imposed severe economic hardship on ordinary Iranians. Most will be lifted immediately.
Read more
This would bring further fall on oil price in the world market. Why oil price is going down is over supply. Saudi Arabia, which is the largest oil exporter didn't agree to cut down it's oil production. Therefore, Saudi Arabia is to blamed for this oil meltdown.
Who would benefit and who would suffer from this low oil price. Consumers and some companies largely depends oil for their energy, transportation companies and airlines are definitely going to benefit. On the other hand, needless to say, oil exporting countries, specially their economy is largely depends on oil exports, such as Venezuala, Algeria, Nigeria and Russia are going to suffer.
If OPEC members decided to cut down the over production, the oil price will go up in no time. But in this prevailing political situation in the Middle East, I don't think it will happen soon.
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