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While we have been watching ISIS and discussing Iran, something much bigger is happening in the world. We are witnessing a historic fall in the price of oil, down more than 50 percent in less than a year. Supply is up substantially because a decade of high oil prices encouraged producers throughout the world to invest vast amounts of money in finding new sources.Leonardo Maugeri, the former head of strategy for the Italian energy giant Eni, says, "There is no way to stop this phenomenon". He predicts that prices could actually drop to $35 per barrel next year, down from over $105 last summer.The imminent return of Iran's oil – which markets are assuming will happen, but slowly – is another factor driving down prices.Oil makes up 96 percent of Venezuela's exports.Iraq: Oil makes up around 90 percent of the Baghdad government's revenue, and despite the fact that it is pumping out as much as possible, it faces a massive drop in available funds.
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