New Baseline: the Plimsoll line of the OPEC+ Ship

[hemanthaa@mail.com + 64]

OPEC+ managed to set aside, not bury,  their differences in agreeing to let the UAE have its baseline elevated from the current level, 3.2 million bpd to 3.5million bbd, the half-way mark between what it is now and the aspirational line.

With that, 400,000 bpd will be added to the oil markets in August – up until May, 2022.

The uneasy calm, however, may be short-lived: if the JCPOA, 2015 Iranian nuclear deal, is revived, these calculations will change overnight in proportion to the estimated arrival of Iranian oil; Iranian oil minister implied that will be the case in the aftermath of the hastily-arranged OPEC+ meeting on Sunday

Flooding the markets with crude oil is in nobody’s interest, though – in the end.

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Edited July 19, 2021 by hemanthaa@mail.com