Today’s Market News • Iran exports: Iran’s Oil Minister Bijan Zanganeh stated that he was very hopeful of an improvement in the county’s crude exports despite the tightened sanctions imposed by the United States. Industry sources indicated that last month’s Iranian crude exports had dropped 300,000 barrels per day or less after Washington tightened sanctions on the country’s oil exports in May.
• Tankers being seized: Tensions were at a high level over the weekend as a UK-flagged super tanker was reportedly seized by Revolutionary Guards, however the early reports were dismissed, and the tanker has been deemed “safe and well”. Earlier on Friday, a Revolutionary Guard Commander had threatened to seize a British ship in retaliation for the capture of Iranian supertanker Grace 1 in Gibraltar.
• OPEC output loses ground: OPEC oil output sank to a new five-year low in June as a rise in Saudi production did not offset losses in Iran and Venezuela. The 14-member Organization of the Petroleum Exporting Countries was down 170,000bbls from May’s revised figure. • Market Opinion: The energy complex is mostly quiet to start out the new week after the long holiday weekend. RBOB is currently seeing the most activity at the moment off close to 1% to start out the session. Traders appear to be searching for some “fresh” news to trade on this morning with the overall concern of a global economic slowdown and possible drag on oil demand as a result weighing on the market.