A handy snapshot summary from ANZ on oil supply:
- signs of supply tightness easing
- Iraq’s oil minister, Hayyan Abdul Ghani, is reported to be planning the resumption of oil exports through the Ceyhan terminal. Output has been curtailed by a dispute over payments between Iraq and Turkey over the past few months. Prior to this, it was exporting around 500kb/d.
- This was exacerbated by data showing exports from Iran surged to 2.2mb/d this month, according to data from TankerTracker.com. This is around levels seen prior to the US pulling out of the 2015 Iran nuclear deal and re-imposing sanctions on its oil industry.
- The rise in output may dull the impact of the cut in output from OPEC+ alliance.
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I posted yesterday on some interesting demand info, China demand not as dire as though:
