Julian Lee, Bloomberg, writes on the difficulty implementing OPEC oil policy and finding balance, here…
“Saudi production levels — which are pretty much locked in at least a month in advance, once customers have submitted their orders for how much they want to buy — hit a record 11.07 million barrels a day to coincide with the start of the Iran sanctions. Imagine their surprise when Secretary of State Michael Pompeo announced that the U.S. had granted waivers from sanctions to eight of Iran’s top customers, allowing them to continue buying more than a million barrels a day of the nation’s crude and condensate.”
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