Hellenic Shipping News: The Joint Ministerial Monitoring Committee (JMMC) of OPEC met to assess the oil market and the impact of the OPEC+ production restraint. The committee commended the “agile and flexible approach” of the OPEC+ countries, but made no specific recommendations beyond continuing to monitor the oil market until the next meeting in June. That JMMC meeting will take place just before the full Ministerial meeting at which the member states will decide whether to continue the current production restraint. The JMMC communique pointed out “critical uncertainties” such as trade negotiations, monetary policy and geopolitical challenges. Among those geopolitical challenges are rising tensions between Iran and the U.S. since the non-renewal of sanctions waivers early this month. The possibility that the two countries could stumble into direct military conflict is rising.
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U.S. crude exports to Asia should rise by ~400k b/d both this year and next as it will play “a strong Asia hand” given
reduction in Venezuelan and Iranian exports, according to ESAI Energy’s Global Crude Oil Outlook
Hydrocarbon Engineering: The reduction in Venezuelan and Iranian exports will reshuffle the crude trade deck and the U.S. will play a strong Asia hand this year and next, according to ESAI Energy’s Global Crude Oil Outlook released at the end of April.
Hellenic Shipping News: The reduction in Venezuelan and Iranian exports will reshuffle the crude trade deck and the U.S. will play a strong Asia hand this year and next, according to ESAI Energy’s Global Crude Oil Outlook released at the end of April