Eugene Lindell

There is simply so much crude on the market. by Eugene Lindell

There is simply so much crude on the market.

It's really not a good situation, they have less production, and they're getting less bang for their buck.

We see a continuation of current levels, which means there will be no repeat of the increase seen this year.

Stable to limited growth in output from Iraq would give some potential for an uptick in prices - if it were not for Iran, libya is another big wild card.

It's making the arbitrage less workable, this ultimately means the crude prices would have to be depressed so you can shift the barrels.

There is little doubt that record crude exports out of Iraq are adding further length to an already extremely well-supplied market, thereby adding downside pressure.