question about Iranian oil

why does everyone keep saying that Iran's oil supply to the world market is insignificant? according to this:

Iran is the world's fourth-largest oil-producing country and the second in OPEC

news.yahoo.com...
[size=0](the quote from above is somewhere in the middle of the page)

so what's up with everyone trying to downplay Iraninan oil signifigance? if the country is indeed only second place in OPEC, then had their "oil bourse" taken place as planned, wouldn't it have had a incredible impact on the world market?

(off topic side note)
everytime i look at Iran's president i for some odd reason, start to think "Planet of the Apes" leader monkey


[edit on 20-4-2006 by karby]

Markets react emotionally on speculation and Iran is stirring the pot

Iran currently ranks third in proven reserves but she currently produces only around 5.5% of the world’s oil annually and she missed her OPEC production quota a number of times; but the rub is she exports just a little over half and is a net importer of refined gasoline and various other petroleum products.


Brief IEA report 2005 (pdf)



mg

I agree. The Iran situation shouldn't be downplayed at all. This is a really serious situation. Iran has the military capability, know how and the very real possibility of grabbing the straights of Hormoz. That would cause catastrophy in the oil markets. Lets face it. The window for diplomatics passed long ago.

Heres how I understand the overall situation with oil and Iran. US doesn't buy oil from Iran however countries in Europe and Asia and whoever else do. If something really bad happens in Iran then many countries are going to be scrambling for another supply.

Since the US hasn't built many refineries since the 1970's and 80's there won't be enough to go around and then comes the peak oil. 150/barrel is the minimum but the sky is the limit.

And if there were to be a major terrorist attack against oil refineries in the us and europe it would be a very bad day.

This situation is going to turn into a bloody mess for all sides.