Crude prices are recording declines this morning, Tuesday, the eighth of June, for the second session in a row, after they tested their highest levels in two years, affected by rising concerns about the return of Iranian supplies with the progress of talks with the United States of America, in addition to the decline in crude oil imports in China to its lowest level in a year . Data issued by China Sabbagh today, Tuesday, showed that oil imports fell to their lowest level in five months, about 14.6% in May due to maintenance operations in the refineries. On the other hand, Iranian supplies that are expected to be pumped into the market in the event of an agreement between Iran and the United States of America regarding the nuclear agreement represent a real threat to crude prices, as the Iranian Oil Minister confirmed in May that his country has the capacity to produce 6.5 million barrels per day of oil. If the sanctions imposed on Iran are lifted. We point out that Iran’s current production is 2.5 million barrels, and a large part of it goes to domestic consumption. Therefore, this increase represents a major boom in the supply of oil in the world, and thus more pressure on crude prices. On the other hand, we followed the statements of OPEC Secretary General Barkindo during the session yesterday, Monday, where he indicated that the organization expects that stocks will decline in the coming months to reflect the improvement in demand for oil. During today’s American session, markets are awaiting the Petroleum Institute’s announcement of a statement on US stocks in the preliminary reading before the official data that will be issued by the US Energy Information Administration tomorrow, Wednesday. Brent crude is trading at levels of $70.94 a barrel, down by about 0.77%, after testing levels of $72.25 at the beginning of the week, the highest level for crude since May of 2019. Meanwhile, US crude (NYMEX) is losing about 0.66% and is trading at levels of $68.77 a barrel.
07/11/2024
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