Comments by Iran's deputy oil minister
- Unclear whether the waivers are permanent or temporary
With all the focus being on US-China trade, the earlier headlines may have come and gone rather quickly. But it is said that US is looking to give oil waivers to 8 countries once sanctions kick into place next week and that these are reported to be temporary.
However, the more crucial thing is that the waivers are said to include all of Iran's top oil importers i.e. China, India, Japan, South Korea. That essentially means that Iran can keep supplying the market with its fair share of crude in the near future at the very least and that isn't good news to oil bulls, particularly when WTI is flirting with a firm break of the June low:
A strong downside move will see prices fall to fresh 6-month lows and will prompt worries of WTI slipping to $60 and potentially back to the $5X territory.
