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Iran's top nuclear official has warned the United States and Europe of the danger of an oil crisis if Tehran is sent before the United Nations Security Council over its nuclear program, but said that a deal with Europe could be near.
The first to suffer will be Europe and the United States themselves, this would cause problems for the regional energy market, for the European economy and even more so for the United States," Hassan Rowhani, whose country is the second largest oil producer in OPEC, said.
The four affiliate companies that are currently holding money for the Oil Ministry are the National Iranian Oil Company, National Petrochemical Industries Company, National Iranian Gas Company, and National Oil Products Refinery and Distribution Company.
oil prices may have found a new trading range. And it may be a range that seems to be encouraged by OPEC and perhaps endorsed by the Federal Reserve! This $55.00 per barrel mark is probably the upper end of the range with the lower end in the $50.00 area.
OPEC will announce a production increase if prices go much above the $55.00 area and they'll call for a cut if there's a drop below the $50.00 area.
Yesterday the OPEC Secretary General helped inspire the rally when he said he couldn't rule out the possibility of $80.00 per barrel oil in the next 2 years!
Yesterday Bloomberg News reported that a report came out by a Deutsche Bank analyst Jay Saunders that said the US Energy Department is investigating whether or not they are over reporting some gasoline supply. DOE spokesman Doug MacIntyre responded that they have noticed an unusual trend going on. Jay Saunders said he believes that reporting irregularities could suggest a double counting of some gasoline blend inventories.