RE:RE:RE:WTI at 94Cliff...OPEC has had so much incentive and panic to get world oil inventories down as Iran has signaled their plans since fall of 2021:
Iran is set to boost its crude oil capacity to 4 million b/d by March 2022, returning to levels not seen since before the US withdrew from the nuclear deal and re-imposed sanctions on the country's crude sales in 2018, the oil ministry's news service Shana reported Nov. 28.
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Register Now "Our plan is to raise the oil production capacity to what it was before the sanctions by the end of the current [Iranian] year," Mohsen Khojastehmehr, managing director of the state-owned National Iranian Oil Co., said, according to Shana. The Iranian year ends on March 20, 2022. He didn't give the current oil capacity but said it could grow to 5 million b/d within 10 years.
OPEC probably more worried about inventory builds of 100m barrels a month then undersuppy.
Even Russia could be timing this Ukraine thing to get an oil premium as they know an Iran deal will sink oil....Iran can export abother 1.5-2M barrels a day fairly fast...Iran has had months gearing up to this and Iran has talked to OPEC.
Iran also has no quota limits.
cfliesser wrote: OPEC has less spare capacity than we think... I don't think they could magically turn it all on at once. 400k per month is already difficult for them.