Oil Prices Slammed By Higher OPEC Exports

Happy Halloween! Crude is definitely spooked today, running scared as non-OPEC countries met over the weekend to discuss potential production cuts – but were unable to commit to anything concrete (sounds awfully familiar). Further encouraged by a stronger dollar, oil prices trudge on lower in forty dollardom; hark, here are five things to consider in oil markets today.
1) On Friday we discussed how Saudi Arabia, Iran and Iraq exports accounted for nearly half of India’s oil imports. As our ClipperData illustrate below, exports from the three OPEC members continue to blow the prior year’s volume out of the water.
Iran’s export loadings so far in October are just a smidge lower than 3 million barrels per day, the highest level since sanctions were lifted earlier in the year, and a country mile above the corresponding level of 1.26 million bpd seen in October last year.

This post was published at FinancialSense on 10/31/2016.

 

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