Iran preparing to increase Oil production?
|Centre stage yesterday belonged to Presidents Trump and Macron, for heaven’s sake guys, get a room…The love-in appears to have eased the severity of the Donald’s view of the sanctions on I Ran which may now not be so drastic, it also ties in with his usual pattern of Tweet anger followed by amelioration. In the meantime Iran itself is preparing for the worst by increasing production and suggesting that the oil price is high enough to consider disbanding the Opec/Non-Opec agreement.
The API stats were a mixed bag, an unexpected build of 1.1m barrels of crude but a draw at Cushing about evened each other out and a big draw in both gasoline and distillates edged in favour of being bullish, this morning crude is up around 20c.
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