A catch-up with this Bloomberg (gated) piece on Iranian oil exports:
Exports have surged to the highest level since US sanctions were re-imposed in 2018
vast majority is flowing to China
Bloomberg cite various analysts:
Crude oil
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Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk,
Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk,
Read this Term shipments have doubled since last autumn to reach 1.6 million barrels a day in May
Production has hit 2.9 million barrels a day, the highest since late 2018
This adds to flows from other sanctioned states such as Russia and Venezuela, all increasing global supply and a headwind to price.
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