July 5, 2024
OOOOPS! — The price of an OPEC barrel plummeted $3 the day after OPEC and OPEC+ met and decided to allow oil producers to resume pumping more oil this fall. But the price soon recovered. Iran has been exempted from OPEC quotas the last few years because US sanctions prevent it from getting anywhere near its historic exports of around 2.5 million barrels a day. Bloomberg said Iran raised oil exports to its highest level in seven months when China bought 1.54 million barrels a day of Iranian oil in May.