The heart wants what the heart wants, but like the Shadow, the market knows what the market knows, and markets are impatient. The next formal OPEC meeting is in June and there are some who believe that OPEC will wait until then to deal with the imbalance in the market between supply and demand. OPEC may want to wait but it will be the price set in the market that will dictate this calendar.
EPRINC’s Larry Goldstein was quoted in today’s The New York Times article on Iran’s use of condensate exports to avoid oil related sanctions. “‘For U.S. regulations, we can’t export condensates because it’s a crude oil, but in sanctions for Iran they can export condensates because it’s not a crude oil,’ noted Larry Goldstein, a director of the Energy Policy Research Foundation, an organization partly financed by the oil industry. ‘From a policy perspective, there is an inherent contradiction.’”