Red-Hot Resources

"Luck is not chance, it’s toil; fortune’s expensive smile is earned.”

Tuesday, May 13, 2008

Why? Because They Can!

Iran isn't happy with $120 per barrel oil -- it wants $150 per barrel oil! I think this is Iran's way of thumbing its nose at both the U.S. and Saudi Arabia. We'll see if they follow through on the threat.

Iran plans to cut oil output next month - Fars News Agency
TEHRAN, May 13 (Reuters) - Iran plans to reduce oil output starting next month, probably by 400,000 to 1 million barrels per day, the semi-official Fars News Agency on Tuesday quoted an "informed source" as saying.
Iranian oil officials were not immediately available to comment on the report, which seemed to refer to the Iranian month starting on May 21. Iran is the world's fourth-largest oil producer.
"The Islamic Republic of Iran, in line with preventing selling of crude, intends to cut its daily oil production ... from next month," Fars said, adding the exact amount to be cut would soon be announced by officials.


Check out my new gold and energy blog at