GEOPOLITICS
In an effort to protect their share of the global crude oil market, Saudi Arabia has deliberately chosen to not reduce their flow of oil into the world market. Historically, other OPEC member countries haven’t necessarily followed production quotas as established, and are all hungry to keep income flowing, so they are all unlikely to scale back production. This week, the mere idea that Iran may someday bring nuclear energy online (thereby indicating a future decline in the amount of oil they consume) has created negative movement in the oil price market.