Production Will Drive Prices

While US production continues to surge, OPEC’s spare capacity will be tested for the first time, as the markets demand new oil ahead of the Iranian sanctions. The Iranian nuclear deal with the US has fallen apart and sanction will be implemented in one month.  This will take approximately 1.5-million barrels of crude oil off the market in November, which has put upward pressure on Brent crude oil. Brent is used by most US…