Despite OPEC oil production cuts and Venezuela and Iran sanctions, the world seems to be oversupplied with crude oil, with the excess amounting to some 90 million barrels above the average 2018 level, according to energy data provider Kayrros. The company said global oil inventories rose by as much as 40 million barrels in May alone on the back of weaker demand from refiners and end consumers as well as the steady and strong growth in U.S. light crude production. What’s more, total OPEC exports are not falling as much as previously expected as Iran continues to ship oil abroad. Indeed, in late May, TankerTrackers reported the departure of Iran’s first oil cargo after the expiry of the U.S. sanction waivers, adding satellite imagery as proof. Kayrros also cited satellite data as proof that Iranian tankers were carrying crude abroad. Data on the transponders that tankers use to transmit […]