Macro-Advisory In-Context Oil Update May 2016

Summary:

The price of oil has rallied recently because of the 400,000 bpd cut in US oil output (IEA data), US dollar weakness and Asian demand optimism. Iran is growing slowly. Iran’s oil recovery has been slower than officials predicted but has still increased by 400,000 bpd in 1Q16. That means Iran has balanced out the US decline.

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