November 29 2013
NUCLEAR PRICES — No, the uptick on the right of the daily chart (above) does not represent the impact of the new nuclear deal as that uptick is from Friday, before there was a nuclear deal. Prices in general were falling on Monday around the world, but we did not have the OPEC figure for Monday before we went to press. But despite all the talk about a price plunge because of the nuclear deal, don’t bet your money on it. The sanctions that cut Iranian oil sales haven’t made any difference in oil prices. The tough sanctions took place over a period in 2012. The average OPEC price in 2011, before there were any oil sanctions, was $107.46 per barrel. In 2013, after all the sanctions took hold, the average price to date has been $105.69. In other words, the price went DOWN 1.6 percent after much Iranian oil was chased off the market.