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Page added on February 11, 2010

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Low oil prices: A tool to control Iran

NEW YORK ( — A desire to bring Iran to the bargaining table over its nuclear program could keep oil prices low worldwide for the next several months.

The country is the world’s fourth-largest oil exporter, getting most of its revenue from oil sales, and needs prices near $100 a barrel to adequately sustain its government spending.

With oil prices near $70 a barrel and with its political instability, it may be more willing to enter discussions about its nuclear program which many say is designed to get nuclear weapons.

Some analysts believe oil prices will remain in the $70 range for perhaps the rest of 2010 partly due to Saudi Arabia, which has taken millions of barrels a day off world oil markets in response to falling demand.

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