Crude Oil Futures

  Crude oil prices continue to rise despite the anticipated collective release of SPRs, strategic petroleum reserves, by the leading economies. As of 09:30 on Friday, the price of WTI and Brent stood at $80.06 and $82.60 respectively. Although the OPEC+ estimated an oil glut in the first quarter of 2022 last year, something they revised later on, the indications are the demand is fast reaching the pre-pandemic level. Data from the API, industry-funded American Petroleum Institute, and the EIA, US Energy Information Administration, clearly indicates that the US crude oil inventories are falling and the trend has been consistent for the last few weeks. With the talks over reviving the JCPOA, 2015 Iranian nuclear deal, keeping up the momentum just to avoid going passive, the prospect of crude oil markets flooded by Iranian oil remains a distant dream as far as far as beleaguered global importers are concerned. The optimism of Iranian oil producers has not met the political will

The monthly ministerial gathering of the OPEC+ members takes place on Tuesday as the recovery of the demand continues steadily, despite the rapid spread of the Omicron variant of the Coronavirus. With the revival of the JCPOA, 2015 Iran nuclear deal, oscillating between mild optimism and abject failure, the group has come under pressure from the leading economies in the world to increase its production quota in proportion to the growing demand. At present, the possibility of Iranian contribution to the crude oil markets appears to be remote. For the past few weeks, the US crude inventories have been falling, giving hope to the notion that the demand is approaching the pre-pandemic level – at last; the data from both the API, American Petroleum Institute, and the EIA, US Energy Information Administration, clearly showed that was the case. Even if the producers choose to overlook the clear fact on emotional grounds, the correlation between the rise in consumption and falling pric