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RBC Says Stricker Iran Sanctions Could Knock Out 300-500kbd of Supply

OIL

RBC’s head of commodity strategy Helima Croft said that global oil markets may soon lose 300-500,000 bpd if the US more strictly enforces Iranian sanctions after potential involvement in Hamas attacks on Israel.

  • She said that easing sanctions on Venezuelan oil this week would not deliver much additional oil – despite Washington’s claims.
  • The Venezuelan oil will however begin flowing to the US rather than Asia, where it has been selling for significant discounts while sanctioned.
  • Croft said if the Hamas-Israeli conflict broadens into a wider war, Saudi Arabia and the US could attempt coordinated action to prevent an oil price spike.
Energy BulletsCommodities
Energy BulletsCommodities

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