Iran Makes Oil Investors Restless! - - Financial Market Media No. 1 in the World Iran Makes Oil Investors Restless! Iran Makes Oil Investors Restless!

May 22, 2021

Iran Makes Oil Investors Restless!

 Iran is reportedly preparing to increase its crude oil exports to reach maximum capacity in the next few months.

The move was made amid indications that talks between Washington and Iran in Vienna would soon result in an agreement and the re-lifting of sanctions by the United States implemented by the previous administration, former President Donald Trump.

Earlier, INTRADAY reported that Iran and the United States had made significant progress in efforts to restore a nuclear deal, which would increase crude oil supplies.

According to an Energy Intelligence report citing a source statement at Iran’s oil ministry, the country is ready to increase exports and its target is Asia despite having to compete with Saudi Arabia and Iraq.

The number one priority for Iran after sanctions was lifted, is to export at maximum capacity regardless of the excess supply in the market.

The deal will return about 2 million barrels a day of Iranian crude and this will put pressure on the crude oil trade.

In the Asian session, oil prices continued to weaken and headed for their biggest weekly loss since March.

Brent crude futures traded hovering around $ 65.20 a barrel, while US WTI was lower at $ 62 a barrel.