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Since the election of Donald Trump in late 2016, the #US has emerged as a global #oil powerhouse, almost fully mathematically replacing lost volumes from #Iran and #Venezuela. /1 #oott
What triggered this is obviously US unilateral sanctions on both countries' oil sectors. Both Tehran and Caracas have since complained against this "economic war"
I'm saying mathematically as crude quality differs. But where US light oil has grabbed market share, other producers have boosted exports of medium-heavy blends. The potential comeback of Iran and Venezuela is going to be a major hot topic of the oil market in 2021
I recently spoke to @NoamRaydan in more details about how #Iran's comeback will impact behaviours from competitors, namely #Iraq, who's new blend 'Basra Medium' is of very similar quality to the Iran Heavy blend https://bit.ly/37zWWF3
I also recently spoke to @negarsadeghi about Iran's "silence oil diplomacy" strategy over the past years and how big of a production ramp up to expect in 2021 https://en.shana.ir/news/310771/Diplomacy-of-Silence
