In recent years, world oil prices have been more or less stable, gently rising or falling according to the professed needs of OPEC, the Organization of Petroleum Exporting Countries. But things could now be headed for a major change.
Recent events involving Iran – whether it’s drone attacks against oil pipelines in Saudi Arabia by the mullahs’ proxy in Yemen, Britain’s commandeering of an Iranian-owned oil tanker as it headed for Syria through the Strait of Gibraltar, or, most recently, retaliation in the form of the Islamic Republic’s forced diversion of a British-flagged tanker traversing the Strait of Hormuz – are all cause for concern among those involved in the carbon-based energy business.
The Media Line spoke with Tom Kenison, a crude-oil analyst at Facts Global Energy Group, a London-based consultancy firm.
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