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The global oil market looks "better supplied" than earlier this year thanks to a ramp up in OPEC...

  • Wednesday, June 13, 2012, 8:46 AM ET
    The global oil market looks "better supplied" than earlier this year thanks to a ramp up in OPEC production, but not oversupplied given the potential impact of sanctions on Iranian oil that raise the risk of a tighter market from the summer onward, the IEA says. Iran could be forced in the next month or two to start shutting in 500K-700K bbl/day of its oil production, IEA's David Fyfe says.
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    The IEA hasn't been keeping up. A dozen countries have gotten exemptions and Iran is already storing their stuff on tankers since they can't sell it - or get paid anyway - and this on top of growing production...

    The market has already priced in Iran and its decidedly not concerned.
    13 Jun 2012, 08:51 AM Reply Like
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