According to a Reuters report last week, India allowed state-owned refineries to import Iranian oil aCrude oil market chartrranged by Iran for tankers and insurance. Prior to this, India’s largest shipping company, the National Shipping Company of India, suspended routes to Iran due to US sanctions.
In fact, the US exemption of 60,000 barrels per day is useless at all. The demand for crude oil is huge. Compared with the previously imported Iranian crude oil, this 60,000 barrels per day is only a small part. The situation in South Korea and Japan is similar, but they are already very satisfied with the permission to import, and they dare not ask for too much import quota.
As mentioned above, Iran’s reliance on oil exports is too high, and the introduction of the Iran nuclear agreement by the United States has led the Iranian economy to become self-sufficient. In other words, this 4,700 trillion budget can be seen as Iran’s attempt to get rid of oil. A precursor to export dependence.
Spot crude oil prices broke and rose within the day, setting a new record for the year to $77. However, it should be noted that the technical aspect of crude oil prices shows overbought signals, which may indicate that the opportunity for crude oil prices to reverse downward will appear. Investors are expected to pay close attention.
According to data released by the American Petroleum Institute, US crude oil and gasoline inventories increased last week, while refined oil inventories decreased. API announced that as of the week of April 27, US crude oil inventories increased by 40,000 barrels to 2.5 billion barrels, and analysts estimated an increase of 270,000 barrels. Cushing crude oil inventories increased by 750,000 barrels.
The ownershCrude oil market chartip of the Expansion pipeline project is trying to speed up the construction of crude oil transportation pipelines. However, according to the Canadian Press, the expansion of the project will cost 900 million US dollars more than before, and the start of construction will be postponed to 202, one year later than expected.
If this round of sanctions finally allows Iran to withdraw from the agreement, then the most worrying situation in the market will come as agreed, the Middle East will fall into a nuclear panic, and the supply of crude oil will also face a huge gap. However, perhaps this is what Trump wants to see most. of? The United States can take advantage of the great chaos in the Middle East and let the crude oil produced by the United States fill this huge market gap. At the same time, the United States can further strike and sanction the Middle East because of its nuclear weapons. And this is the strongest positive for crude oil prices.
According to traders, information provider Genscape said Cushing’s US crude oil inventories have fallen this week. As of the week of June 22, the center's crude oil inventories fell by 200,000 barrels, but rose slightly in the four days ending June 26.
At present, the international oil market is paying more attention to OPEC's meeting in mid-April, because major oil-producing countries may discuss whether to extend production cuts. Saudi Energy Minister Falih has said that it will extend the production reduction agreement until the end of 209.