Brent futures were going for USD 50.37 per barrel, while WTI futures were trading at USD 48.23. With Iran nearing pre-sanction levels of production and Iraq having added 100,000 bopd through the resumptions of exports from fields managed by the North Oil Company via the Kurdistan Regional Government-controlled pipeline to Ceyhan, Turkey, traders at Morgan Stanley see “too many headwinds” ahead of the planned <a href=’https://theenergyyear.com/companies-institutions/opec/’>OPEC meeting in September for a possible cap on production.
Traders also responded to data from China, a market still struggling with an oversupply of refined products, leading it to flood the markets with fuel. Petrol exports soared in July, up 145.2% over the preceding month. Diesel exports came out 181.8% higher.
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