OPEC puts in a good word for the mullahs.
“OPEC chief warns of ‘unlimited’ oil prices if Iran is attacked,” by James Kanter for the International Herald Tribune, July 10 (thanks to the Constantinopolitan Irredentist):
VIENNA: The head of the Organization of Petroleum Exporting Countries warned Thursday that oil prices would see an “unlimited” increase in the case of a military conflict involving Iran, because the group’s members would be unable to make up the lost production.
“We really cannot replace Iran’s production – it’s not feasible to replace it,” Abdalla Salem El-Badri, the OPEC secretary general, said in an interview.
Iran, the second-largest producing country in OPEC, after Saudi Arabia, produces about four million barrels of oil a day out of the daily worldwide production of close to 87 million barrels….
They can’t replace four million barrels out of 87 million?