Title : The Market, Energy, And Political Page, T+ 50 -- October 2, 2018
link : The Market, Energy, And Political Page, T+ 50 -- October 2, 2018
The Market, Energy, And Political Page, T+ 50 -- October 2, 2018
Wow, talk about false precision.Earlier I posted:
Nothing to worry about -- Bloomberg -- Iranian sanctions will take, on a daily basis, 1.5 million barrels of the right kind of oil off the market, but OPEC is already pushing production -- 30,000 bbls more than the month before ...Here's the lede to that Bloomberg story --
OPEC production rose last month as deepening losses in Iran due to looming U.S. sanctions were countered by other members.
The group’s 15 nations pumped 32.83 million barrels a day in September, 30,000 more than the month before, according to a Bloomberg survey of officials, analysts and ship-tracking data. Even though Iranian production fell by 140,000 barrels a day to 3.36 million -- the lowest since early 2016 -- Saudi Arabia, Angola and Libya offset the losses.
Iran’s decline is expected to accelerate once sanctions formally begin in November. Major buyers of the country’s crude have already started to diversify their supplies. India was said to plan no purchases of Iranian crude in November, according to officials at the largest state-run refiners. That followed similar moves by South Korea and Japan.
The Middle Eastern nation’s shipments of crude have fallen 1.1 million barrels a day, or 39 percent, since April, according to tanker tracking data compiled by Bloomberg. That outpaces the 11 percent drop in production over the same period. The tracked shipments exclude volumes held on tankers that remain close to Iran’s export terminals, after the nation resorted to storing some of its barrels at sea last month.30,000 bopd. Give me a break. First of all, that's an estimate .. a Bloomberg survey of officials, analysts and ship-tracking data.
30,000 bbls: that's about one-half of a unit train. About 40 railroad tankers. DOT-111 tank cars.
VLCC can carry two million bbls of oil. 30,000 bbls is 1.5% of two million.
Total global supply / demand: 100 million bbls.
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Turkey: Taking A Page From The Venezuelan Playbook
Erdogan urges Turks to report price hikes; says government will raid stores. From Reuters.
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Miscellaneous
San Francisco: best gasoline prices in paradise -- $3.50 -- GasBuddy.
Thus Article The Market, Energy, And Political Page, T+ 50 -- October 2, 2018
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