The American Energy Information Association reported that crude oil inventories fell by 820,000 barrels to 490.7 billion barrels last week, while analysts expected an increase of 25.25 million barrels. U.S. crude oil production has also declined, dropping by 0 million barrels per day to 2 million Crude oil trendbarrels per day.
According to the Petrobras website, the company started producing oil on its P-74 platform in the Buzios oil field in the Santos Basin, which it wholly owns, in April. Petrobras said that the two platforms P-75 and P-76 will be put into production in the fourth quarter. The company said that once the other four platforms are put into operation, the overall output of the Buzios field in 202 is expected to increase to 750,000 barrels per day. Petrobras claims that the quality of Buzios crude oil is similar to Brazilian Lula crude oil, which is one of the most popular oils.
Weekly international crude oil prices opened higher and lowered. Under Trump's pressure, Saudi Arabia lowered the price of some grades of crude oil. Iran believes that Trump's Twitter comments are to blame for high oil prices. The EIA data released last night put pressure on oil prices. As of the close, U.S. oil futures closed down 6% at US$72 per barrel; Bulk Oil futures closed down 0.79% at US$754 per barrel.
A number of foreign media previously quoted anonymous officials from the US State Department as saying that the Trump administration is pressing allies to reduce their respective Iranian oil imports to zero by the 4th, when the United States will resume comprehensive sanctions on Iran and does not intend to Provide any exemptions or extensions on oil imports.
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The Iran nuclear agreement was signed by the United States, the United Kingdom, France, Germany, and Russia with Iran. A series of nuclear constraints were excCrude oil trendhanged for the international community to lift sanctions against Iran. After the Iran nuclear agreement was reached, some large European companies began to resume trade with Iran. In 207, EU exports to Iran reached 0.8 billion euros, and imports from Iran amounted to 0 billion U.S. dollars. Imports were almost double the amount in 206.