Reduced global diamond after the 2008 recession and increased production in the U.S. (and perhaps other regions) using new technology such as fracking.As far as I know, oil price rose to $100 or more a few years ago. Up to the time, increasing oil price occurred every year in an usual and regular rate ( price tilt-shift was almost fixed for years) but dropping oil price was sudden and unexpected. It was approximately like a negative vertical tilt.
In fact, what was the cause of sudden dropping of the price? What happened in the international markets of oil that petroleum crashed down?
Yes crisis of oil price is an international problem and all oil- producing countries are involved in, among Iran.Low oil prices are killing Alaska's budget, and lay-offs in the oil and oil-support industries will soon cripple the economy. Though the Republicans in our legislature are kicking and screaming, it's inevitable that we'll soon have to implement income and sales taxes. This will be a big step for Alaskans, who are used to despising government and not having to pay for it.
I bet Iran's economy isn't faring well under current oil prices; but perhaps the recent lifting of economic sanctions will help there. Be sure to tell all your friends to visit Alaska and spend lots of money.
I think you are underestimating the Saudis. They have very deep pockets, unlike some smaller countries and corporations, and also they have access to very easily produced oil. They make less, of course, but they still profit with low oil prices.As Chri hinted, Saudis in Arabia are one of the reasons of dropping oil price and it is because they don't accord themselves with OPEC management and stubbornly product oil unlimited. They don't think wisely about Arabia oil reserves and are wasting them stupidly, in this temporary condition of low oil price.
If Saudi family empty Arabia oil wells, they will become a group of beggars (although it is just a supposition now) because their industry and agriculture score is zero and they are only reliant on oil sale.
However, they are one of the important reasons of dropping price of oil.
Ronald, boycott does mean banning somethings based on an intense disagreement or protest.Well, if you refuse to attend the meeting, you're boycotting it.
Those "unfair sanctions" were imposed to discourage Iran's nuclear weapons ambitions. It seems they may have worked; but time will tell whether Iran complies with its agreements.
When Iran achieved Atomic Energy Technology, an massive propaganda was launched versus Iran, in the west. The western governments, especially America and also Israel regime in the middle east rumored in the medias that Iran is going to produce nuclear bomb, while we were just in the beginning!In the 2000s, the International Atomic Energy Agency and the United Nations unanimously found Iran to be not in compliance with its obligations under the Nuclear Non-Proliferation treaty. You may not like this fact, but nevertheless those were the findings, and that was the reason for the UN sanctions.
The UN wasn't arguing against Iran's right to self-defense. The UN was responding to the International Atomic Energy Agency's findings in regard to enrichment of uranium.
Just a side note: "Ronald" should actually be Roland, as he mentioned in his post on April 6th.
This isn't the problem. The problem was Iran's failure to disclose things they are obligated to disclose. So the question becomes, why did Iran carry out these developments in secret?IAEA never found something that it shows that Iran is going to use uranium for a military purpose.
Majestic, what you are saying is what published in the western medias before of approval of " Joint Comprehensive Plan of Action" treaty.This isn't the problem. The problem was Iran's failure to disclose things they are obligated to disclose. So the question becomes, why did Iran carry out these developments in secret?
The UN security council is not a group of US allies. For the UN Security Council to vote unanimously for something, that thing must be significant. Russia and China to do not vote for something out of sympathy for the US.
Under the non-proliferation treaty, the US is obliged to reduce its nuclear stockpile, which it has been doing since 1968.
Nuclear Weapons: Who Has What at a Glance | Arms Control Association
I am talking about the sanctions that the international community imposed on Iran after the IAEA found Iran to be in breach of the Non-Proliferation Treaty. It isn't a "US versus Iran" issue. It is the international community trying to find a non-violent way to get Iran to keep the promises that Iran signed up to.Majestic, what you are saying is what published in the western medias before of approval of " Joint Comprehensive Plan of Action" treaty.