Daily LNG price update (Browse madness)

Tuesday 20 October 2015

The Brent oil price fell again last night to $48.53, largely on another big inventory build in the US, up 7.1 million barrels according to API. A little more on Iran today, too, from Bloomie:

Iran can boost oil exports by 500,000 barrels a day within a week after the removal of sanctions, Roknoddin Javadi, managing director of state-run National Iranian Oil Co., told reporters. The Persian Gulf nation can raise exports by 1 million barrels a day within six months once the curbs are lifted, he said.

It targets crude production of 4.7 million barrels a day by March 2021 and plans to produce 1 million barrels a day of crude condensates by the same date, Javadi said. The country pumped 2.8 million barrels a day of oil in September, according to data compiled by Bloomberg.

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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.