Oil: USA tightens sanctions on Iraní – ing exports of oil

Petroleum prices shot yesterday, with ICE Brent closing more than 1.7% higher in the day at $ 72/BBL, the highest closure of this month. And this fortress has continued in the morning operations in Asia, says experts in raw materials of ING, Ewa Manthey and Warren Patterson.

Monthly OPEC+ cuts between 189k b/dy 435k b/d

“The US tightened the nuts to Iranian oil exports, including the sanction to the Chinese refinery, Shandong Shouguang Luqing Petrachemical Co., LTD, for buying Iranian crude oil. The CEO of the refinery was also sanctioned.”

“The US Department of Treasury also sanctioned an oil terminal in China to handle and store Iranian oil, as well as a handful of oil tankers linked to a ghost fleet that transports Iranian oil. The increase in the application of US sanctions on Iranian oil exports is an upward risk for the oil market. of crude oil in February and President Trump has promised to reduce these volumes further. “

“The OPEC+ members issued a schedule to make cuts in oil production to compensate for overproduction. The cuts will be extended until June 2026. These monthly cuts will range between 189k b/dy 435k b/d. It is important It means that the members will follow it.

Source: Fx Street

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