Iran says oil price too low at 115 dollars a barrel

Late last year, Iran announced that it had stopped carrying out its oil transactions in dollars.

"At the moment, selling oil in dollars has been completely halted, in line with the policy of selling crude in non-dollar currencies, " Nozari was quoted as saying in December.

"The dollar is no longer money, they just print a bunch of paper which is circulated in the world without any commodity backing," he said.

My Rosebank: It's probable that this alone is a crucial reason why we're seeing oil prices break loose. Despite what we may want (and in particular what we want to hear in spite of reality) , it is actually true - oil prices are much lower than they need to be for this precious commodity.