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As I write Brent is down 2% from yesterday at $53.29. The major culprit on the evening was more speculation around Iran, from Reuters:
Tehran is keen to recover market share lost under the U.S.-led sanctions that curbed the nation’s oil exports to just 1 million bpd from 2.5 million bpd in 2012.
“Under no circumstance will we reduce our global market share, even by one barrel,” Iranian oil minister Bijan Zanganeh said in November.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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