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    Home > Chemicals Industry > Petrochemical News > Oil prices are twists and turns! U.S. crude oil inventories do not fall, but increase, the Iranian nuclear agreement is close to completion?

    Oil prices are twists and turns! U.S. crude oil inventories do not fall, but increase, the Iranian nuclear agreement is close to completion?

    • Last Update: 2023-03-10
    • Source: Internet
    • Author: User
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    On the evening of February 16, the Energy Information Administration (EIA) under the US Department of Energy released the latest data showing that US crude oil inventories last week increased by 1.
    121 million barrels from the previous week to 411.
    5 million barrels, an increase of 0.
    3%, and the market expected a decrease of 2.
    174 million barrels, compared with a decrease of 4.
    756 million barrels
    the previous week.
    U.
    S.
    gasoline inventories fell by 1.
    332 million barrels month-on-month last week, compared with expectations of an increase of 500,000 barrels and a decrease of 1.
    644 million barrels
    the week before.
    Crude inventories in Cushing, the main delivery region of U.
    S.
    crude futures, fell by 1.
    9 million barrels month-on-month last week, with total inventories falling to their lowest level
    since September 2018.

    Brent crude futures remained steady above $95 a barrel after the data, up more than 2 percent on the day, and WTI crude futures regained $94 a barrel, approaching the highest closing level
    in more than seven years hit on Monday.

    However, near the end of this morning, there was news that the Iranian foreign minister suggested that the US Congress declare its commitment
    to the Iranian nuclear agreement in the form of a "political statement".
    International oil prices plunged rapidly in the short term
    .

    According to Xinhua News Agency, Iranian Foreign Minister Abdollahian said a few days ago that Iran demanded assurances that neither party would withdraw from the Iranian nuclear agreement
    .
    Abdollahian said in an interview a few days ago that the United States has not yet met Iran's demand
    for assurance.
    Iranian public opinion cannot accept the statements of other leaders as a guarantee, suggesting that the US Congress declare its commitment
    to resume the implementation of the agreement in the form of a "political statement".
    Abdollahian said Iran was "generally optimistic"
    about ongoing talks to resume compliance in Vienna, Austria's capital.

    In addition, officials from the National Iranian Oil Company (NIOC) are meeting with at least two South Korean refineries to discuss the possibility of
    their resumption of supplies, according to people familiar with the matter.
    Negotiations are in the preliminary stages and supply and timelines have not yet been determined
    , one of the people said.

    Iran says it is rushing to reach a satisfactory nuclear deal in the Vienna talks, while the EU's top diplomat said he believed the deal was "in sight.
    "
    According to Citigroup, an agreement between Iran and world powers will allow the supply of 500,000 barrels of oil per day to the international market from April to May, eventually increasing to 1.
    3 million barrels
    by the end of the year.

    South Korea was once one of Iran's biggest buyers of
    ultra-light oil.
    A delegation of officials from Iran's central bank, the Ministry of Oil and the National Iranian Oil Company will hold working-level talks on financial and oil-related matters
    in Seoul on Feb.
    15-16, according to a statement on South Korea's Foreign Ministry website.
    Yonhap News Agency reported on January 29 that the two countries plan to hold talks
    on Iran's frozen assets.

    Before U.
    S.
    sanctions imposed on Iran in 2018, South Korea imported as much as 18.
    5 million barrels of crude
    oil per month.
    Although Iranian oil buyers, including South Korea, were able to continue to buy Iranian oil due to the exemption policy, because these exemptions were not renewed, imports also stopped in 2019
    .

    As of the early morning close, WTI crude futures were down 1.
    61% and Brent crude oil was down 2.
    04%.

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