For its part, the Energy Information Agency (EIA) said on Wednesday that commercial oil inventories, excluding Strategic Reserves, decreased by 7.1 million barrels compared to the previous week, totaling 425 million barrels.
Inventories are 6% below the average of the last five years for this time of yearwhile gasoline stocks fell 4.6 million barrels last week and are 8% below the five-year average for this time of year.
Crude exports increased 138% in the last week, totaling 5 million barrels per day compared to 2.1 million barrels per day the previous week, according to the EIA.
At the beginning of this week, the price of crude oil fell below 90 dollars, due to fears of a recession, after learning some bad economic data from the main buyer of crude oil, China. In addition, the energy market is very attentive to a deal that could allow more Iranian oil exports.
The negotiations to save the 2015 nuclear pact between Iran and Germany, France, the United Kingdom, Russia, China and the United States, indirectly, are very advanced and in the next few days there could be an agreement, which would allow some 2 million barrels of Iranian crude to be returned to the market to strengthen global supply, in the face of production problems in OPEC+ exporting countries.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
