1400 ET - U.S. sanctions against Iranian and Venezuelan crude oil should compensate OPEC+'s decision to speed up the unwinding of output cuts in May, Societe Generale's head of commodities research Benjamin Hoff says in a note. "The more muscular implementation of U.S. sanction policy vis-à-vis Iran and also Venezuela is removing precisely the heavier, sourer grades from the market, that the world is currently short," he says. "This creates space for OPEC barrels to return." The OPEC+ decision added fuel to this week's tariff-induced selloff in oil. Hoff expects OPEC+ to manage further increases tactically. "Depending on price impact it is entirely possible that we will see a delay of the return of further barrels in June." (anthony.harrup@wsj.com)

(END) Dow Jones Newswires

April 04, 2025 14:00 ET (18:00 GMT)

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