RE:RE:RE:RE:NAL is oversoldOil at 40, we are near the end of bull run over medium term (2 months). Iran will soon have starting impact with its first shipment (happened on Feb 14) . The country used to export 2.3 million barrels per day but its crude exports fell to 1 million in 2012. Iran's total production currently stands at 3.1 million barrels per day. Iran is in no mood to follow Saudi-Russia diktat. From news on Mar 7 (past Monday) “Before the end of the first half of the next Iranian year — July, August — I think we can reach 2 million b/d,” Hassan Rouhani told reporters at a media briefing in Tehran. “We can’t increase the oil production in one go.” My guess is oil will be tight range between 35 to 40 for while and bottoming out around 28/30 which it did. Also, at 40 dollars per barrel, lot of US producers are again ready to tap on, thus bringing down the price to 35 again.