However, since the beginning of this year, the United States has continuously initiated trade disputes and its imports of US oil have also beenPhysical crude oil trading greatly reduced. As of September, my country’s imports of US oil had fallen to 600,000 barrels. In addition, no new crude oil orders were signed with the United States in September.
Research said that the current US sanctions on Iran are essentially hoping to force Iran to abandon its ballistic missile capability and nuclear weapons program. But at present, Iranian officials show no signs of returning to the negotiating table, and this may even become a killer move against Trump.
This week is coming to an end, and the decline in Saudi oil exports means a shift in the relationship between supply and demand in the oil market. At the same time, Russia bans oil exports to Ukraine, which raises geo-risks or further boosts oil prices.
In the early morning of May 6th, Beijing time, data released by the American Petroleum Institute API showed that API crude oil inventories in the United States increased by 4.84 million barrels in the week as of May, which is expected to decrease by 470,000 barrels. Gasoline inventories decreased by 90,000 barrels, which is expected to decrease by 790,000 barrels. Refined oil inventories decreased by 780,000 barrels, which is expected to decrease by 020,000 barrels.
Traders quoted a report issued by energy information provider Genscape that since Friday, July 27, Cushing's crude oil inventories have decreased by 0 million barrels. In the previous week, total US inventories increased by 800,000 barrels, while Cushing’s inventories decreased by 0 million barrels.
The US investment bank Jefferies said in a research report published on Friday: Although the United States will actually start sanctions againPhysical crude oil tradingst Iran, it will take 80 days to wait, but we expect Iranian crude oil exports to decline before then. By the end of this year, Iran’s crude oil export scale will decrease by 500,000 barrels/day, and by the first quarter of 209, the cumulative decline is expected to reach 0 million barrels/day.
Earlier this month, Maduro stated that Venezuela would issue an encrypted digital currency based on the country's oil, natural gas, gold, diamond and other resource reserves, and named it petro coins. This currency will be used for international payments and become a new way for Venezuela to raise funds internationally. It is reported that the Venezuelan government has specially established an organization composed of experts in the fields of science and technology, economics, and law to be responsible for the promotion of the petrocoin project.
The improvement in the relations between India and Iran is largely due to the oil-related interests between the two countries. Since Iran’s sanctions were lifted in early 206, Iran hopes to regain its market share in India and the entire Asia-Pacific region, so it is rapidly increasing oil production.