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After a few good days and some more missiles, the Strait of Hormuz remains open. MS fro two days ago.
- Yesterday we saw 7 vessels exiting the Strait of Hormuz. Data from last weekend got revised upwards from a rate of 3 vessels per day to ~7-8 units/day.
- Inbound vessels are also trending at ~8-9 vessels in past two days. The 7-day outbound average now stands at 15.6 vessels per day; inbound average is at ~11.
- Iran and Qatar representatives will meet in Doha on Wednesday to potentially cover the implementation of the US-Iran deal and frozen Iranian assets (CNN)
- US envoys Witkoff and Kushner will meet Qatari mediators in Doha and not engage in direct talks with Iran, according to Qatar’s Foreign Ministry (CNN)
Goldman is now arguing that nothing can prevent a 2027 oil glut. I can think of a few eventualities that will.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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