September 23, 2022
SLIDING — The price of an OPEC barrel has been steadily sliding since its high of $124 in mid-June, declining roughly one-quarter. That means a major loss in income for the Islamic Republic. But now The Straits Times of Singapore reports that Iran is offering the crude it has stored in tankers anchored off Malaysia and Indonesia at discounted prices, ranging from $5 to $7 off the price of Russian oil, which is already highly discounted because of sanctions on Russia. Oilprice.com comments that Iran’s new discount suggests the regime has given up on reviving the nuclear deal and is trying to move as much oil as it can under sanctions that it views as likely to continue.
