OPEC wants to support the oil price by reducing production. At the same time, we hear from Iran that the nuclear agreement talks are progressing, if the talks are a success, in the near future Iran could again export oil to the wider world.
Last week we heard from the U.S. side that an agreement with Iran could not be reached. Today Iran has released a U.S. American (accused of spying) and yesterday announced that the talks in regards to the nuclear deal are (well) progressing and they could soon access their sanctioned funds. Coincidences? There aren't. Looks like europe/U.S & Iran are very close to sign an agreement, which might surprise oil bulls. If Iran resumed large scale exports, all OPEC members would come under very heavy pressure.
I expect the price to rise until a potential iran nuclear agreement is forged, and if forged, leading to a potential oversupply of oil and an avoid of recession (global/europe)
Disclaimer: The information mentioned in my post should be taken with a grain of salt. They are only my personal opinion and do not form facts. They are also not a call or recommendation to open trades, do trades or close positions.
Last week we heard from the U.S. side that an agreement with Iran could not be reached. Today Iran has released a U.S. American (accused of spying) and yesterday announced that the talks in regards to the nuclear deal are (well) progressing and they could soon access their sanctioned funds. Coincidences? There aren't. Looks like europe/U.S & Iran are very close to sign an agreement, which might surprise oil bulls. If Iran resumed large scale exports, all OPEC members would come under very heavy pressure.
I expect the price to rise until a potential iran nuclear agreement is forged, and if forged, leading to a potential oversupply of oil and an avoid of recession (global/europe)
Disclaimer: The information mentioned in my post should be taken with a grain of salt. They are only my personal opinion and do not form facts. They are also not a call or recommendation to open trades, do trades or close positions.