Title : Never Mind; Plenty Of Oil Despite Sanctions On Iran -- April 24, 2019
link : Never Mind; Plenty Of Oil Despite Sanctions On Iran -- April 24, 2019
Never Mind; Plenty Of Oil Despite Sanctions On Iran -- April 24, 2019
Posted yesterday:Markets caught off guard: oil surges 2.7%; close to a 6-month high. It's a false narrative but it is what it is. 30-second sound bite:Today: IEA is reporting that OPEC's "spare capacity" reaches 3.3 million bopd.
- Iran produces about 4 million bopd
- exports:
- exports when things are going well: 2.4 million bopd
- exports in past couple of years; world has adjusted to Iran exports: 1.2 million bopd
But, of course, we all knew that.
Meanwhile, just minutes away -- EIA weekly petroleum report, pending, today. API reported a whopping increase of almost 8 million bbls of crude oil in its report yesterday.
- US crude oil inventories: increased by a whopping 5.5 million bbls
- US crude oil inventories:
- refineries: operating capacity
Thus Article Never Mind; Plenty Of Oil Despite Sanctions On Iran -- April 24, 2019
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