Catch up on this bloomberg A (walled) block on Iranian oil exports:

  • Exports jumped to the highest level since the reimposition of US sanctions in 2018
  • The vast majority flow to China

Bloomberg cites two different analysts:

  • Crude oil
  • Production reached 2.9 million barrels per day, the highest level since late 2018

This adds to inflows from other sanctioned countries such as Russia and Venezuela, all of which increase global supply and are a headwind for prices.