Sunday , January 29 2023

Daily axis – oil prices are falling on the international market


Due to the release of Iranian crude oil customers from US sanctions

Oil prices are falling on the international market

On Thursday, oil prices shrank due to increased production and US relief from US sanctions allowed Iran to buy crude oil from Tehran.

Till noon At 7:50 am Brent oil was $ 71.83 per barrel, which is 30 cents or 0.4 percent higher than the previous price.

The US WTI unprocessed was $ 61.84 per barrel, which is 37 cents or 0.6 percent.

JPMorgan said oil sales were driven by surplus oil produced by higher output, while Iran's supplies remained on the market.

Last Monday, Washington repeatedly imposed sanctions on Iran's oil exports, but granted exemptions from major Tehran's customers, allowing for limited imports for the next 180 days.

Iran's exports have dropped to 1 million barrels per day since the beginning of November, suggesting that Rafinetiv data has fallen by around 3 million bpd since mid-2018.

But Iran's expected Iranian supply will increase as exemptions are used to start buying more Iranian oil.

Unlike Iran, Morgan Stanley claims that deliveries are still higher than expected, particularly from the United States and OPEC members in the Middle East, Russia and Libya.

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