Oil Kingdom Shares Plummet as Post-Sanctions Iran Rises
SputnikNews.com
17.01.2016
Iran’s awaited return to international trade and finance slightly boosted shares in Tehran, at the same time sinking exchanges across the Gulf.
Stock exchanges in Saudi Arabia, Kuwait and Qatar plummeted on Sunday, after news that Iran would boost oil exports, further hitting the price of the Brent oil benchmark, Bloomberg reported.
Iran’s oil shipping company announced that it would be increasing oil exports by 500,000 barrels per day immediately, from the current 1.1 million according to OPEC data, boosting output by nearly a third. The statements led stock exchanges in oil-dependent Gulf Arab countries to plummet
“Iran is ready to add 500,000 barrels to its crude oil exports in lieu of the current oil market conditions,” head of the National Iranian Tanker Company head Amir-Hossein Zamaninia said.
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