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in our view. The focus is on remaining Iranian exports (currently around

fading Iranian tensions and no supply cuts by OPEC

thereby triggering a 0.5% to 1% decline in world

prices would need to spike towards USD 180/bbl.

or military interventions affect crude oil supply

we currently maintain our underweight position.

which is deteriorating the risk reward payoff of

a sideways move should still lead to negative investment returns in the short run. The Brent

Saudi Arabia also sees the need for lower prices in the short run to support economic

the country could be in a wait-and-see position for longer.

which is likely to push up OECD crude oil inventories to 62

and further inventory builds in crude oil triggered a sharp decline in the Brent crude oil

the lite cycle of a tree that contributed the

say a shirt—from a “green” company? What

or green plants. Its chemical formula is

sneaky side of this growth was known to anyone who'd spent time

which meant still more people needed to be followed and

a tremendous chunk of humanity. People of interest. The one or two or

to cope with the manipulated political system they’d sued into existence.

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