Oil suppliers quick to counter Iraqi uncertainty | GulfNews.com:
"Events seldom unfold in isolation and the recent surge in sectarian violence in Iraq appears to be leading to some shifts in Asian crude oil markets. Two things stand out as recent developments; firstly the increasing supply from Iran and secondly the reduction in the official selling price of Saudi Arabia’s main crude grade for Asian refiners.
While neither may be directly linked to the startling advances of militants in Iraq, they show that crude markets will subtly do what is necessary to ensure energy needs are met. Iranian crude exports were 1.21 million barrels per day (bpd) in June, down from 1.33 million bpd in May, according to sources that track tanker movements.
Notwithstanding the small drop in June, Iran is shipping considerably more crude than the 1 million bpd permitted under an agreement between Tehran and the six world powers negotiating a deal to limit Iran’s nuclear programme. China, Iran’s biggest buyer, certainly hasn’t held back in taking cargoes, with May imports rising 36.4 per cent from a year earlier to 757,900 bpd."
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