Even the hint of a rapprochement between the international community and Iran is enough to affect world oil markets (International, 9 November).
Hence, the fall in the oil price in anticipation of a million barrels a day of Iranian oil impacting on world oil supplies.
However, the inextricable interdependence of global politics and economics could have significant repercussions on a possibly independent Scotland.
To what extent would such an increase in oil supply affect Scottish budgetary calculations were “oil prices hit hard”?
Moreover, it has to be recognised that investment in North Sea oil has been stimulated by the continuing high price. Arguably, such economic contradictions are part and parcel of global capitalism which Scotland and the UK must face with or without political independence.
Old Chapel Walk