Crude oil prices rebounded slightly during Tuesday’s APAC session as traders shrugged off fears about rising Iranian crude oil exports ahead of a nuclear talk held in Vienna. The meeting aims to bring both Iran and the US back to the 2015 nuclear accord.
The chances of a deal to be struck any time soon appear thin, the start of talks ignited hopes for a potential return of Iranian oil to the global market. Iranian crude oil exports have declined sharply since the US tightened sanctions in 2018, falling from over 2.2 million bpd to 0.192 million bpd recently . Full restoration of Iran’s output may add over 2 million bpd to global supply.
The Energy Information Administration (EIA) will report weekly inventories data on April 7th, with market participants forecasting a 2-million-barrel decline in stockpiles. Recently, refiners are speeding up operations after extreme cold weather swept the country in February, gradually thawing inventories built during the cold blast.
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