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  • Now you see it, now you don’t: oil surplus vanishes ahead of Iran d...
    https://diasp.eu/p/7650967

    Now you see it, now you don’t: oil surplus vanishes ahead of Iran deadline

    Source: Reuters

    “An overhang of homeless crude in the Atlantic Basin has halved in recent weeks, suggesting oil traders are bracing for a further supply loss from Iran due to U.S. sanctions and a new rally in prices. Iran’s oil exports are already dropping fast as refiners scurry to find alternatives ahead of a reimposition of U.S. sanctions in early November, which in turn has helped drain a glut of unsold oil. The millions of unsold barrels of crude that had pooled around northwest Europe, the Mediterranean and West Africa over July and August are rapidly draining. A months-long surplus in the West African market that depressed prices to their lowest in months has almost vanished.” (08/30/18) (...)