The final trading session of this week did not bring any positive signals for the global oil market. Quotes continued to decline, rapidly approaching the red zone, which can be explained by clear signs that Iran under sanctions is working hard to gain new markets for its oil companies. Bidders doubt that the US administration will be able to completely block the flow of oil from Iran to the world market, so they calmly continue the game for a fall.

At the time of the close of the stock exchanges, the futures for the supply of American WTI oil fell by 1.69% or 0.89 p., reaching $51.70 a barrel. Contracts for Brent crude oil in the red by 1.83% or 1.13 p., falling to $60.55 a barrel.

WTI Crude Oil (Nymex)

Brent Crude (ICE)

At the moment, everything indicates that even if at the first stage we can expect a decrease in export figures for Iranian oil, in the future it will find its customers, although not in such volumes as before the autumn of 2018. It should be noted that at the moment, the US sanctions regime on Iranian oil does not apply to all countries of the world, since not all of them can now give up 100% of these purchases.

Taking into account this moratorium, the export volumes of Iranian oil have nevertheless greatly decreased, reaching a level of less than 1 million barrels per day. The Iranian government is still working hard to force European countries to abandon sanctions, insisting that they otherwise completely resume their nuclear weapons program.

In general, the global oil market is under heavy pressure from a decline in the global economy. In addition, the trade crisis between the US, China and the EU does not add optimism to the experts. The persistent desire of OPEC + 11 to achieve an increase in oil prices to the level of 2013 did not lead to success, because the United States responded to this with an unprecedented increase in oil production, which made it the global leader in this indicator. Currently, the United States produces a record 11.7 million barrels per day.

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