Sure to be a barrage of news on these subjects soon....
A. Iran Nuclear deal - framework agreed.
Mid term I believe it adds at least 1.5Mmbopd to an oversupplied market
Short term I read that Iran has 30MmBOs in floating storage ready to be monetized for badly needed foreign (i.e US$ reserves). Translation -- Saudi will keep oil price low to minimize the cash they get ???
B. OPEC output rises to over 31 Mmbopd.
So not cutting but increasing.... fingers point to Iraq at over 3Mmbopd of production
C. Possible Peak in US oil production - Mar '15
Although incredibly small (as in tenths of a percent) the projection for April in less than projections for Mar (might need to wait and see what Mar actually cam in at though).
SSN Price at posting:
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