1L decoder, d=7, 1h, ff=14
Sentiment towards BP and Shell has strengthened significantly off the back of oil price spikes. But it’s a complex picture. Neither company has production in Iran. But BP’s significant production in Iraq and Abu Dhabi risks being bottlenecked through disruption to the Strait of Hormuz. For Shell the same applies to its LNG facilities in Qatar and the Emirates. If a moderate sustainable regime is established in Iran, there is the potential for substantial derisking, and for prices to be rebased downwards. If sanctions are removed, it also opens the door for investment into Iranian oil fields.
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Allen said in a statement on Tuesday that “horseracing is an amazing sport with great potential and over the last year [since his appointment was announced in late 2024] I have met some incredibly passionate people who love the sport who believe to survive and prosper change is needed. I also want to pay tribute to the hardworking and dedicated BHA team. I wish the sport well for the future.”