The last three weeks have brought the world’s biggest oil-producing region back into the headlines. From a crisis in the Gulf Cooperation Council (GCC) to the political aftermath of a terrorist attack in Tehran, recent developments have renewed concerns that turmoil in the Middle East could cause havoc in the international oil market. Despite the heightened commotion, however, these concerns are misplaced. More than regional tension, the Islamic State’s activity in southern Iraq — and perhaps southern Iran — presents a serious threat to energy production. Testing the OPEC Deal The falling out between Qatar and its fellow members of the GCC is unlikely to derail the production cuts that OPEC recently extended in an effort to curb oversupply and rebalance the market. Tension is running high between Iran and the GCC, as well as among the bloc’s members, but oil producers on both sides of the Persian Gulf […]