Supply is rising and demand is falling. Onshore and offshore storage capacity is already maxed out via futures arbitrage.
Oil is going to get CYNK'd lower...
"Iran plans to raise oil production “at any cost” to defend the country’s market share and joins calls for an emergency OPEC meeting to help shore up crude prices. We will be raising our oil production at any cost and we have no other alternative, said Oil Minister Bijan Namdar Zanganeh, according to his ministry’s news website Shana. If Iran’s oil production hike is not done promptly, we will be losing our market share permanently.”
Iran had the second-biggest output in the Organization of Petroleum Exporting Countries before U.S.-led sanctions banning the purchase, transport, finance and insuring of its crude began July 2012."
Current futures price:
Brent below $45 for first time since March 2009...
Oil and oil stocks (Friday U.S. close):
