- Oil edges lower as the market weighs supply tightness against concerns about Chinese recovery
- September ’23 WTI lost $1.23 this morning to trade around $81.96/Bbl
- The US dollar strengthened to its highest since early July, weighing on dollar-denominated commodities
- China's July data shows declining credit demand and another property developer nearing default after missing bond payments
- Meanwhile, Saudi and Russia's supply cuts under the OPEC+ alliance could reduce oil stocks this year, likely escalating prices, said IEA in its monthly report
- IEA added that if the cartel’s current targets are maintained, oil inventories could draw by 2.2 MMBbl/d in 3Q23 and 1.2 MMBbl/d in the 4Q23
- Rising risks to Russian crude flows through the Black Sea have also supported prices
- Iran’s crude exports surge to highest since February (Bloomberg)
- Iran’s crude oil exports surpass 1.4 MMBbl/d, according to the semi-official Mehr News Agency
- Furthermore, Iran’s Oil Minister said that the daily production is set to rise by 0.11 MMBbl, targeting a total of 3.3 MMBbl/d by August 22
- Argus estimates Iran last produced such volumes in October 2018, the year Trump reinstated sanctions following the US exit from the nuclear deal
- Additionally, the nation indicated that the recent US prisoner and frozen funds deal may open doors to nuclear diplomacy