BlackRock's billionaire chief executive isn't too worried about the oil price despite a recent spike brought on by Iran sanctions news.
div > div.group > p:first-child"> Citing robust crude inventories beyond hotspots like Venezuela and Iran, where civil conflict and U.S. sanctions have taken millions of barrels of oil off the market, Larry Fink espoused an optimistic approach to markets and the Gulf region in the medium and long term.
Iranian exports dropped to 1.4 million barrels per day in March, according to the Energy Information Administration, down from 2.8 million bpd in May of the previous year. The figure represents just over half of the country's current total production, which OPEC reports sat at 2.6 million bpd in March, down from 3.6 million bpd in the third quarter of last year.
"As the oil minister suggested, there is greater inventory, so if there's a time to be moving forward and make the region even more secure, it looks like this is probably a very good time to do that," Fink said. The deficit in Iranian crude may also be countered by U.S. oil inventories, which are expected to grow by 1.6 million bpd this year, according to the International Energy Agency.
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