Javier Blas
@JavierBlas
Energy and commodities columnist at Bloomberg.
Co-author of the 'The World for Sale'
Any views expressed are my own. jblas3@bloomberg.net
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“For the last 50-plus years, whenever there was an oil shock, the first thing the US president did was call Riyadh,” said @JasonBordoff at @ColumbiaUEnergy. “Maybe the place everyone needs to call now is Beijing. That’s a very powerful position to be in.”
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Middle East wars are now scheduled from 9pm Friday to 10.30pm Sunday (GMT). That’s it. Fighting outside designed non-market hours isn’t allowed.
Iran-Oman joint statement on the future of the Strait of Hormuz. Note the wording about “services” and “costs”
BREAKING: US Treasury issues a general license waiving key Iran oil sanctions until August 21, 2026. On a quick read, it’s a rather wide ranging license, covering exports, shipping and ancillary services, and includes crude, refined products and petrochemicals.
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Wow! The U.S. injected ~9.9 million barrels of oil from its Strategic Petroleum Reserve into the market last week.
That’s a record high flow of >1.4 million barrels a day. It’s the second consecutive SPR record high flow rate.
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BREAKING: UAE discloses it’s building an additional second pipeline bypassing the Strait of Hormuz.
The new pipeline will be finished in 2027 and will double the country’s export capacity in Fujairah (the current pipeline has a capacity of 1.5-1.8m b/d)
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