‘There is a real tension between Iran and Saudi Arabia. However, supply will have to go back up once the oil price has hit $30-per-barrel because production at this point is no longer sustainable,’ he told Citywire Selector’s sister site Citywire Deutschland.
‘Saudi Arabia and Iran are completely different. Iran is three times as big and the people are far better educated. In Saudi Arabia the fear is a lot higher because the economy is so dependent on oil. How do you want to diversify a desert?’
more @ http://citywireselector.com/news/dr-doom-worst-is-over-for-oil/a902964?ref=citywire_global_comment_list
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.Dr. Doom also trades currencies and commodity futures like Gold and Oil.
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