Well now it looks like Iran has finally caved. They issued a new oil contract for $2.4 billion. There are not really any details about it yet, but it sounds like they are now playing ball. If so, this is a big. Iran is one of the last bastions of cheap undeveloped crude. Even at $50 oil, they have a lot of profitable fields. Big petro companies will be giving them a look. It will be interesting to see what, or if the Saudi response is.
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