Oil Industry Status

Iran’s situation will make for an interesting few months for the oil industry. Iran is currently enveloped in a food shortage. It can no longer import the necessary food to nourish its population due to the new economic sanctions on the country. The Middle Eastern nation has been bartering for food by trading gold and even barrels of oil since foreign nations cannot go through the required international financial transactions in order to use currency. In addition, it is estimated that mid-2012 will be when the embargos on Iranian oil will begin taking effect.

In the meantime, due to this embargo, imports of West African crude oil are at the highest levels ever recorded. Their low-sulfur oil is a favorite among countries across the globe. Additionally, it has been said that Chinese companies are trying to convince the Iranian oil company to sell their oil at lower prices because of long-term contracts between the companies.

How this will affect the market in the near (or even distant) future is uncertain. So, you should act now to save money by investing in Sokolis Group. Through our innovative fleet management solutions we can help you save with diesel fuel cards and mobile fleet management. Don’t wait, call Sokolis Group today!

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