The crude oil price appears firmly in the hands of geopolitical concerns, with veiled Saudi threats over the disappearance of a journalist and the ramping up of U.S. sanctions against Iran getting most of the attention. However, it’s always worth looking at what is happening in the real world of physical oil flows and pricing, as this can often tell a somewhat different narrative to what is driving the paper market. The disappearance, and presumed murder, of Saudi Arabian journalist Jamal Khashoggi at the Kingdom’s consulate in Istanbul and the ongoing fallout from the incident has raised fears of Riyadh using crude oil exports as some sort of weapon. The concern is that Saudi […]