The U.S. sanctions on Iran are not biting yet, as global oil markets are well supplied. In the coming weeks, Iranian crude volumes should show a decline. At the same time, the success of Trump’s sanctions relies for a large part on the compliance of international buyers and the position taken by leading OPEC members. The three leading NOPEC countries have indicated that they are able and willing to open their taps to supply for possible gaps in volumes worldwide. Combined with increased U.S. production, this should dampen price increases. Stability is key for most it seems, but that may not always be the case. Iraq, OPEC’s 2nd largest producer indicates that it wants to supply Asia’s main oil consumer China with 60 percent more crude in 2019. Alaa Al Yasiri, director general of Iraq’s Oil Marketing Company SOMO, stated that Baghdad is ready and willing to ship around […]