As the impact of the epidemic subsides, oil demand gradually increases, causing crude oil prices to remain high. Coupled with the recent impact of the situation between Russia and Ukraine, oil prices have continued to rise, and Brent crude oil has exceeded 100. As of 17:56 on February 24, Brent crude oil was quoted at US$100.89 per barrel, up 7.2% in a single day.
OPEC refuses to increase production and the crude oil market is in short supply, but demand for crude oil in various countries is gradually expanding. Due to the tense situation between Russia and Ukraine, various countries have stepped out to restrict Russia’s economy and financial markets, including the United States. Seeing that relying on OPEC+ to increase production to suppress oil prices is hopeless, the United States is reminded of Iran, a country that was previously restricted from oil exports.
Iran is also a major oil producer in the Middle East. However, after being restricted by the United States in 2018, its exports dropped significantly. On February 24, Iran stated that although the two sides had some unresolved issues, it was possible to reach a relevant agreement with the United States within a short period of time. Relevant US departments also stated today that great progress has been made in the resumption of relevant agreements in this negotiation.
Is it possible for Iran to return? Iran also stated that if the relevant agreement is reached, Iran’s daily oil production will likely increase to 4 million barrels within three months. However, I don’t know why Iran’s chief negotiator Ali Bagheri suddenly returned to the capital Tehran. Some media said that the agreement may not be reached as soon as possible and it will still take some time.
However, some media said that the United States hopes to reach a relevant agreement as soon as possible because it wants to increase oil supply and lower oil prices through cooperation with Iran, and at the same time achieve the goal of putting pressure on Russia. Moreover, the United States is also facing various problems such as inflation and declining support rates. The conclusion of this agreement can also alleviate the pressure within the United States to a certain extent.
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