JPMorgan: Oil Market Adapting to Iran Shock, 1M Barrels Daily Bypass Strait

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According to analysts at JPMorgan Chase including Nathasha Kaneva, the oil market is increasingly adapting to the impact of Iran sanctions, despite no formal agreement and continued Strait closures. The bank estimates 1 million additional barrels per day are finding routes through the Strait, with inventory declines occurring at a slower pace than initially predicted. Demand losses, however, have exceeded expectations.
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