Iran Is Now Backing Moves To Stabilise Oil Prices

RBC Capital Markets

Elena Holodny, Business Insider: Iran just tweaked the way it talks about the oil market

Iran gingerly offered some support for an oil production freeze earlier this week — without actually agreeing to join one.

Since the lifting of sanctions, Iran has taken a hard stance against any production freeze, a position that ultimately ended up being a major reason for Saudi Arabia bailing on the Doha meeting back in April.

However, on Tuesday, Iran's oil minister Bijan Zanganeh seemed to suggest that he'd support measures keeping prices around $50-$60 a barrel.

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WNU Editor: The Iranians are now acknowledging the impact that fracking tech has had on oil prices, and are now willing to compromise on future oil price discussions. What this means is that wild oil price fluctuations may be a thing in the past.