🔺Return of oil supply surplus; revitalizing the global market and eliminating Iran

▪Data from international institutions shows that the global oil market, after months of disruption caused by the war in the Middle East and the actions and attacks of the Islamic Republic in the Strait of Hormuz, is once again moving toward a return to a supply surplus.

▪Brent oil prices have fallen by about $22 compared with late October, and the cost of shipping and insuring oil from the Middle East to Asia has also dropped from its peak in the past month to less than half.

▪These developments are occurring while Iran’s daily exports—which include about 1.5 million barrels of crude oil and half a million barrels of petroleum products—have been effectively stopped since mid-July, coinciding with the start of the U.S. maritime blockade.