Usually when the price of oil posts a change in the tens unit a psychological trigger gets pulled and the writings come flooding in. This weekend was no different with $60/b. I hope to get to a number of articles today but I have found most of them to be regurgitations of what happened at $30, $40 and $50. Meaning not much has really changed except for the price.
Geo-political events being so important I think it makes sense to get to know a little more about the new president of Iran. Mahmoud Ahmadinejad pulled an "upset" on Friday beating the moderate candidate by 61% to 39% of the vote.
The Russian paper Pravda had a nice set up to the run-off. The neo-conservative won handily and lets get to know him a little more. Safa Haeri has a good introduction to Ahmadinejad with some warm and fuzzy quotes from the president-elect:
Access to nuclear technology is our legimate right and no
one has the right to stop our march to progress. Furthermore, no
country can attack Iran and the threats that are proffered are designed
to frighten us, leading to giving away our nuclear projects. But we
shall not surrender.
A reuters story deals with his outlook on the Iran's oil industry (from the election race):
I will cut off the hands of the mafias of powers and
factions who have a grasp on our oil, I stake my life on this...People
must see their share oil money in their daily lives...
Mind you this is was during the race and could be a very strong quote in effort to rally support. In his first news conference he did say:
Modertion, will be the main policy of the government...there will be no place for extremism...This government will be a government of friendship and compassion.
Sounds good, he has lightened up since he won. Ahem:
Iran is on a path of progress and elevation and does not really need the United States on this path.
Of course the United States could always be counted on to be the first to put up a welcoming hand and congratulate a person who won 61% of the vote:
I don't know much about this fellow (Rumsfield said of Ahmadinejad) but he is no friend of democracy. He is no friend of freedom.
Well that went well.
Iran will now have a new president, though not a cleric, he is consider a hardliner. As for the oil industry, the oil minister of Iran and its OPEC representative both supported that candidate who lost. We would expect a major shakeup to occur.