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Uncertainty over Greece is bearish for oil. It adds an extra negative factor on top of the turmoil in Chinese financial markets, the recent rise in U.S. drilling rigs, and a potential increase in Iranian oil supply, the main implication is for euro/dollar and I think it will put additional pressure on the euro.
Some have described the OPEC November meeting as the death of OPEC and it is true that the lifting of sanctions on Iran will create a major issue for Saudi Arabia, Kuwait and the UAE, they already have an issue with Iraq increasing production and they will now have to face Iran that will consider itself, like Iraq, not bound by any quota for many years.
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