The thing is that there is also increasing demand in the middle east...where fuel costs are subsidised and there is not the current incentives to conserve.
Iranian crude is of poor quality...Oh! crude quality .....now there's another issue 'cause it's true 'oils aint oils" ....so Irann is or soon will be a net importer or refined products and hence the push by them for a nuclear industry.
Look, I don't want to appear like I'm some kind of oil expert....in fact I'm far from it. I have to read like everyone else. I just get a bit of a feel for it after working in the oil industry for 10 years after 15 years in coal...so 25 years in hydrocarbons.
Oil is neither my passion nor even an interest. It is simply my income insurance until I can get control of myself and become a disciplined trader...ARRRRRGHHHHH! :(
