The hedge fund manager“Andurand Capital Management – Andurand Capital Management ” said that the more than expected oil supplies were the reason for the recent decline in crude prices”
Pierre Andurand, one of the most famous oil traders and the founder of the hedge fund, said in a tweet via the X platform:“we have seen much less supply disruptions compared to the average year, and Iranian and American production was higher than expected.
He added that one of the reasons was the recovery of exports of the“OPEC +” alliance from exceptionally low levels in August, however, he believes that this does not mean a disruption in the group’s commitment to production quotas since shipments usually rise in September and October.
He noted that in order to achieve a“significant structural rise” in oil prices, there must be a continuous drawdown of inventories similar to that recorded in July and August by more than 1.5 million barrels per day.
