US oil inventories increase in week ending July 13

Media: Japan halts imports of oil from Iran

Oil prices reversed early losses Wednesday after the market digested government data that showed a surprise build in US crude inventories, but also indicated bullish demand for gasoline.

Russian Federation said, that if the oil market needs more oil, the OPEC+ coalition will be able to quickly discuss it all together and make all necessary decisions, as OPEC+ has all needed tools.

Iran's crude oil exports reached a record 2.617 million barrels per day in April.

OPEC and non-OPEC producers cut oil output in June by 20% more than agreed levels, compared with 47% in May, the Reuters newsagency reported Wednesday. Russian Federation and Saudi Arabia are helping Trump's cause by increasing their supply so it will be a challenge for bullish traders to overcome resistance on the basis of increased gasoline demand.

Oil imports from Iran totaled about $9 billion in the year ended March and substituting some of the contracts with more North American crude will help India lower the $24.5 billion trade surplus it runs with the world's largest economy. The U.S. government now holds about 660 million barrels in its underground tanks in Louisiana and Texas. Not too many years ago, that would have seemed to have been impossible by many who lacked the imagination and drive of those in the USA energy industry.

Since President Trump announced the USA withdrawal from the JCPOA, Washington has been pressing allies to end all imports of Iranian oil by a November 4. deadline Moreover, in a briefing on June 26, a senior State Department official was quite firm that the US doesn't anticipate offering any extensions or waivers to that timeline.

The United States uses about 20 million barrels of oil a day, but one-fourth of the oil comes from overseas.

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"Probably the strong US dollar is one factor weighing on prices", he said. If Iranian oil exports decline to 700,000 bpd or even fewer, its treasury would be swiftly depleted.

Strategic Petroleum Reserve. After the Oil Weapon had been unsheathed by the oil-producing countries in 1973, the U.S. government began to hold a Strategic Petroleum Reserve. If the purchases of Iranian oil continue, the USA threatens to impose penalties on these companies.

President Trump took to Twitter in late June, when oil prices were on the rise as many feared tightening oil supplies.

US crude oil refinery inputs averaged about 17.2 million barrels per day during the week ending July 13, which was 413,000 barrels per day less than the previous week's average. The Trump administration is considering a test sale of about 5 million barrels of oil and then releasing about 30 million barrels into the market.

The bitter irony, then, is that it turns out that by failing to address OPEC's new power to reshape oil geopolitics we have, in fact, been sacrificing the future, too. That would mean a roughly 1 million bpd increase in output.

Prices rose 74c on Wednesday to close at $72.90.

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