5 November 2024: 09:30 GMT
Brent surpassed $75 yesterday and consolidated those gains today ahead of the US election. It finally closed at $75.26/bbl and rose further after the window. OPEC is surely punching the air. Its announced postponements and dillydallying to returning supply appear to be paying off. But they can’t stave off the inevitable forever. Despite those promises to delay unwinding of cuts, Iran is gearing up to bolster production. The Iranian Economic Council approved the financing of an “urgent” boost to crude output by 250 kb/d, though didn’t provide a timeframe for the increase. We guess Chinese teapots are thirsty for more cheap crude given struggling margins, as 2025’s import quotas just rose. And it’s good for Iran too; it gets to sell more oil!
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