Iran can no longer blackmail global oil markets

Global oil markets are clearly signaling that Iran no longer holds the global economy hostage to its aggression. Iran can no longer blackmail the free world with threats of withholding oil from the market. The global economy is well supplied with oil.

Iran produces about 3.5 million barrels of oil a day and exports just under 2 million barrels a day. The world economy uses about 103 million barrels a day. Iran’s oil exports make up less than 2% of daily global demand. Global supply is about 108-109 million barrels a day. That estimate includes excess available supply of between 5-6 million barrels a day. Saudi Arabia alone could increase its daily oil supply by up to 3 million barrels a day.