According to Iranian official who spoke to Reuters, Iran’s new oil and gas contracts will have flexible terms that take into account oil price fluctuations and investment risks.
Not even the mighty Middle East can survive cheap oil forever.
If oil stays around $50 a barrel, most countries in the region will run out of cash in five years or less, warned a dire report from the International Monetary Fund end of October. That includes OPEC leader Saudi Arabia as well as Oman and Bahrain.
Continue reading Saudi Arabia to see its cash reserve to lessen dramatically in less than 5 years, according to CNN