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The past week was marked by the beginning of the lifting of sanctions on Iran by the United States.

Let the step be more symbolic, but it can be stated that a start has been made. The US Treasury Department lifted sanctions on three Iranian citizens. At the same time, according to Reuters, the American department stressed that the exclusion from the black list does not reflect any changes in the US government's sanctions policy towards the Islamic Republic. Behzad Firdous, Mehrzad Firdous and Mohammad Reza Dezfulian were removed from the US sanctions list. A Treasury spokesman also said the decision to lift sanctions against the Iranian group had nothing to do with ongoing negotiations in Vienna to re-establish the 2015 nuclear deal. Talks in Vienna, ongoing since April, are aimed at bringing the United States back to the Joint Comprehensive Plan of Action (JCPOA) on Tehran's nuclear program, from where it unilaterally withdrew in May 2018 under former President Donald Trump, and lifted sanctions on Iran. while it will resume compliance with all of its obligations under the 2015 nuclear deal. Tehran is currently enriching a small amount of uranium to 60%, although the JCPOA limits this limit to 3.67%. Tehran also deviated from the JCPOA requirements for the operation of high capacity centrifuges.

Meanwhile, oil quotes continued to grow steadily. On Tuesday the price of September Brent crude oil futures reached $ 77.6 per barrel, which is a record for the last three years. Thus, over the past 24 hours, the benchmark oil has risen in price by almost $ 1. WTI crude oil futures increased in price by $ 1.3 per day - to $ 76.5 per barrel. The last time the cost of WTI reached this mark was in June 2018. Many analysts have linked this dynamic to disagreements within OPEC +. On July 5 the participating countries postponed indefinitely a meeting at which it was planned to discuss an increase in oil production. The next round of OPEC + talks did not take place on Monday - the meeting was canceled after consultations, a new date has not yet been announced. The meetings of the alliance on July 1 and 2 did not bring results due to the principled position of the UAE on the recommendation of the OPEC + ministerial monitoring committee to extend the oil deal from late April to the end of 2022. Also, the Emirates are demanding the revision of the base level for itself, from which relaxation of restrictions is considered.

The UAE is opposed to making a decision on this issue right now, 10 months before the official deadline for the deal. Firstly, they do not see the need to make a decision on this so soon, and secondly, they insist on increasing their base production level in this case, from which OPEC + restrictions are considered. At the same time, the UAE supports further easing of OPEC + restrictions in August-December, its committee of the alliance recommended to carry out monthly at 400 thousand bpd. On Sunday evening, Saudi Arabia's Energy Minister Prince Abdel Aziz bin Salman said that the OPEC + countries are obliged to renew the agreement. According to him, without extending the deal, the alliance will return to its current conditions, according to which oil production in August will not increase.

Released data on commercial stocks in the US also supported oil prices. US commercial oil reserves (excluding the strategic reserve) for the week ended July 2 fell by 1.5%, or 6.9 million barrels, to 445.5 million barrels, according to a weekly review by the country's energy information department. The indicator has updated at least since February 2020. In addition, the country's strategic oil reserve fell by 1.2 million barrels, or 0.2%, to 621.3 million barrels, the ministry also said. At the same time, oil reserves at the country's largest terminal in Cushing (Cushing) for the reporting week fell to 39.6 million from 40.3 million barrels a week earlier. Gasoline inventories in the United States for the week decreased by 6.1 million barrels (2.5%), to 235.5 million barrels. Analysts predicted a decline of 2.2 million barrels. Distillate stocks rose 1.6 million barrels, or 1.2%, to 138.7 million barrels, while an increase of 0.2 million barrels was projected.

The week ended with the increase of 2%. Statistics on US oil inventories pushed prices up, easing concerns about the possibility of an oversupply of raw materials in the market. Meanwhile, according to oilfield services company Baker Hughes, the number of operating oil rigs in the United States increased by two in the week ended July 9, to 378 units.

 

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