Though prices for Brent and WTI had edged above $30/B as MEES went to press, the market remains resolutely bearish having hit 12-year lows of just above $27/B earlier this week.

Following the lifting of the bulk of international sanctions on Iran on 16 January, market watchers have ramped up estimates of by how much and how quickly Iran can ramp up production and exports. (CONTINUED - 670 WORDS)