Global Oil Supply news and market signals

The oil futures market may be detached from the physical reality of global supply, with prices potentially poised for a sharp upward movement within weeks. Over 13 million barrels per day of crude oil have been removed from global circulation due to the closure of the Strait of Hormuz.

Iraq, OPEC's second-largest oil producer, faces a critical juncture as its primary export routes through Turkey are set to expire on July 27. This expiration threatens to disrupt a significant portion of the nation's crude oil monetization, impacting global supply dynamics.