Iran to put further downward pressure on oil could affect service provider Mermaid Marine

If sanctions are lifted on Iran oil supply - the price of a barrel of crude will definitely fall

MMA are not immune to falling oil and gas prices as has been seen over the last few months

You do not have to be Einstein to realise with renewed pressure of excess oil supply coming on line - this will have a direct baring on service providers the likes of MRM

Below is an extract taken from internet today



Brent crude oil has dropped below $US60 a barrel for the first time since April.

Brent slid as much as 1.6 per cent and is currently down 1.1 per cent at $US59.66 a barrel, after Greece voted against austerity, increasing the risk of its exit from the euro area.

Iran, the fourth- biggest member of OPEC, has estimated it could double exports from about 1 million barrels a day within six months of sanctions being lifted.

"We've seen a bit of a capitulation in oil,'' Ric Spooner, a chief analyst at CMC Markets in Sydney, said. A nuclear agreement with Iran represents a negative risk event for oil in terms of the possible significant increase in supply."

US crude oil has dropped as much as $US2.49, or 4.4 per cent, to $US54.44 a barrel from the July 2 close in electronic trading on the New York Mercantile Exchange.