- Oil extends losses amid signs of easing supply and growing risks to demand
- September ’23 WTI lost 33c this morning to trade around $80.39/Bbl
- Observed exports from Iran surged to 2.2 MMBbl/d in August so far, according to satellite imagery monitoring firm TankerTrackers
- Furthermore, Iraq's oil minister will discuss potentially resuming 0.5 MMBbl/d oil exports via the Ceyhan terminal with Turkey (Reuters)
- Turkey closed a pipeline running to Ceyhan after Iraq in March won an arbitration case at the International Chamber of Commerce
- China's economic slowdown and underwhelming recovery efforts, including a minor lending benchmark cut, continue to weigh on crude prices
- Iran's oil exports surge, eclipsing 2 MMBbl/d (Bloomberg)
- Despite existing US sanctions, Iran's oil exports have swelled to an estimated 2.2 MMBbl/d during the first 20 days of August from July’s 1.4 MMBbl/d
- This surge could help offset the global supply shortage driven by the OPEC+ alliance
- Exported barrels didn't come from floating storage, but some could have come from on-land tanks, says Samir Madani of TankerTrackers
- Iran predominantly sells its oil to China, while previous customers like South Korea and Japan avoid sanctioned oil. India now favors Russian barrels over Iranian