The price of oil tumbled today to new 12 year lows as traders engaged in a panic sell-off, fearful that the re-entry of Iran to the international market would lead to a further fall in prices in an already grossly oversupplied market.
US WTI crude was trading down 1.5% in the early Asian session, hovering around $28.99 per barrel. These prices have not been seen since 2003.
International sanctions which have locked Iran out of the international markets were lifted this weekend, as ties between them and the US warmed significantly after a historic prisoner swap.
Analysts estimate that Iran will add another half a million barrels per day to the markets. This is based on comments made by the Iranian deputy oil minister and an analysis of Iran’s ability to supply based on current infrastructure. Investors have long predicted Iran’s return to the oil markets but anticipate that it will develop slowly.
Iran is a member of OPEC, some members of which recently called for an emergency meeting to talk about collapsing prices. Despite this, Saudi Arabia, the largest member of OPEC, has shown no intentions of cutting back as it battles for market share.
With Saudi rival Iran re-entering the picture, expect this fight to supply the market to continue, further depressing oil prices in the near-term.
Want to make this your most successful year yet? Make sure to cover all your bases. Focus on what you do best and find experts for all of the rest. Fiverr is a great place to find professional help in every field imaginable. Have countless to-dos? Fiverr’s freelancers can be counted on to do them all. On time and on budget.
Wondering where to start? Here are your 3 steps to business success:
1. Build a Better Brand
Want a brand that earns your customers’ trust and loyalty? Don’t confuse them with a bland brand.
Create a standout brand across every aspect of your marketing: Brand your logo, your website, your app, your social media.
You get the picture. (but make sure that picture looks good)
Get a world-class logo design
Design your social media to reflect your brand
Tailor your web and mobile design to fit your brand
2. Grow Your Customer Base
They’re not going to walk in your door if they don’t know who you are. Catch them while they’re browsing the Internet at home. Pop up on mobile while they’re walking around town. Whatever it takes to reel them in.
Pump up your presence online with these easy fixes:
Boost your social media marketing (SMM): Target your ideal customers and appear in their social media feeds.
Level up your search engine marketing (SEM): Pop to the top of the search results with your targeted ads.
Step up your SEO: Rank first on Google search results and get the attention your brand deserves.
3. Stay Ahead of Your Digital Game
To keep pace with the latest digital trends, you have to keep up with the times. This means you need to give your users what they demand.
Constant content updates: Who wants yesterday’s news?
Short, engaging videos: Your customers crave them.
Seamless user experience (UX): Because no one wants to waste time looking around your site for info when they can find it elsewhere faster. A clean, user-friendly user interface (UI) can clean out the clutter and make your users even more engaged.
Stay ahead of the pack with:
Website Content
Short Video Ads
WordPress Site Building
Everything your business needs is just 3 steps away!
Learn more about how to build and grow your business with Fiverr Business Guides.
