MEES runs the rule on Iranian exports in the age of the waiver.

The US last week granted more-generous-than-expected ‘Significant Reduction Exemptions’, otherwise known as ‘waivers’ to eight buyers of Iranian crude and condensate. Oil markets subsequently breathed a sigh of relief with Brent crude losing $10/B since the start of November.

Based on expectations of continued substantial, albeit reduced, exports of Iranian crude and condensate, analysts project a...