The US last week granted more-generous-than-expected ‘Significant Reduction Exemptions’, otherwise known as ‘waivers’ to eight buyers of Iranian crude and condensate. Oil markets subsequently breathed a sigh of relief with Brent crude losing $10/B since the start of November.
Based on expectations of continued substantial, albeit reduced, exports of Iranian crude and condensate, analysts project a sizeable surplus of crude on global markets through end 2019 (MEES, 16 November). (CONTINUED - 1939 WORDS)
