US agency the EIA’s latest assessment of the efects of Washington’s Iranian sanctions on the global oil market indicates that there would have been a supply gap of 4mn b/d had Tehran’s exports been reduced to zero in June-July. The estimate - contained in the EIA’s latest bimonthly report to Congress - could put pressure on the US administration to grant waivers. The EIA estimates global production of oil and products - excluding Iran - at 92.5mn b/d in June-July and consumption at 96.5mn b/d. The 4mn b/d gap compares with a 2.5mn b/d shortfall estimated in the EIA’s previous report based on April-May data.
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