Tankers brace as Saudi and Russia slash production through 2023

Lloyd's List

…It also noted that the US sanctions on Iran and Venezuela were loosening, which could ease high oil prices. Iran is ramping up output and exports, with September production expected to reach 3.4m bpd — just 400,000 bpd short of its all-time high. August shipments to China already hit a record over 1.5m bpd, taking in over 90% of Iran’s total exports, according to preliminary figures from tanker trackers at US monitoring group United Against Nuclear Iran. Additionally, Western sanctions on Russian oil will be tested with Urals crude firmly breaching the G7 price cap. Supply constraints risk further pump price increases.