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Iran’s oil comeback, already taking longer than many traders expected, will be further complicated by last week’s deadly drone attack on a tanker in the Gulf of Oman, which the U.S., U.K. and Israel all blamed on Tehran.
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Oil rebounded in post-market trading after an industry report showed declining U.S. inventories.
In the latest trading session, GameStop (GME) closed at $183.94, marking a +1.98% move from the previous day. This move outpaced the S&P 500's daily gain of 0.24%.
OPEC+ want to stick with supply plan as Iran's oil yet to return
OPEC+ is likely to stick to the existing pace of gradually easing oil supply curbs at a meeting on Tuesday, three OPEC sources said, as producers balance expectations of a recovery in demand against a possible increase in Iranian supply.
The Organization of the Petroleum Exporting Countries and allies - known as OPEC+ - decided in April to return 2.1 million barrels per day (bpd) of supply to the market from May to July, as it anticipated global demand would rise despite high numbers of coronavirus cases in India.
Since that decision, oil has extended its rally and gained more than 30% so far this year, although the prospect of increased output from Iran, as talks on reviving its nuclear deal make progress, has limited the upside.
On Tuesday, Brent oil prices rose $1 above $70 per barrel. [O/R]
OPEC Secretary General Mohammad Barkindo said he did not expect higher Iranian supply to cause problems.
"We anticipate that the expected return of Iranian production and exports to the global market will occur in an orderly and transparent fashion," he said in a statement.
OPEC+ experts confirmed earlier forecasts for a sizeable, 6 million bpd jump in oil demand in 2021 as the world recovers from the COVID-19 pandemic, OPEC+ sources said.
The OPEC+ sources said they do not expect OPEC+ to decide on output policy beyond July, since the outlook for Iranian supply is not clear. OPEC has another meeting planned for June 24.
OPEC+ cut output by a record 9.7 million bpd last year as demand collapsed. As of July, the OPEC+ curbs will stand at 5.8 million bpd.