In the crude oil market, OPEC and IEA monthly reports will be released on Monday and Tuesday respectively. The market is paying attention to OPEC’s monthly production data and the two major institutions’ estimates of global crude oil demand growth this year and next. Huatai Futures believes that crude oil prices experienced a significant rebound last week, mainly because current data shows that the new virus Omicron is not that harmful and its penetration rate in major consumer regions such as Europe, the United States, and Asia is not high. The previous panic-like decline in oil prices was mainly centered on the potential threat of the virus to economic activity and demand for oil products. Of course, there is still no conclusion on the new virus. If it can be finally confirmed that the impact of the virus is limited, it means that in addition to partial damage to jet fuel demand, global refined oil consumption will return to normal, and the oil market is expected to remain stable before the end of this winter. With supply exceeding demand, oil prices will shake off their previous decline to a certain extent. However, considering that the previous cold winter expectations have been disappointed to a certain extent, and +OPEC is continuing its gradient production increase policy of 400,000 barrels per day, it is expected that oil prices will be difficult to return to the previous high.
According to Xinhua News Agency, relevant parties to the comprehensive agreement on the Iranian nuclear issue have held the seventh round of talks in Vienna, the capital of Austria, in recent days. An Iranian person close to the Iranian delegation said on December 12 that the demands made by the participating European countries were excessive, which led to the slow progress of the talks.
Iranian President Raisi said in Tehran, the capital of Iran, on December 11 that if the United States lifts sanctions on Iran, the negotiations on the comprehensive agreement on the Iranian nuclear issue can reach a “good agreement.”
According to information released on the Iranian president’s website, Leahy said at a meeting with Iranian envoys to neighboring countries that day that Iran has proven its sincerity in negotiations by submitting proposals to other relevant parties to the Iran nuclear agreement. If the United States is determined, “the road to reaching an agreement will be clear.”
In July 2015, Iran reached the Iran nuclear agreement with the United States, Britain, France, Russia, China and Germany. In May 2018, the U.S. government unilaterally withdrew from the Iran nuclear agreement, and then restarted and added a series of new sanctions against Iran. Since May 2019, Iran has gradually suspended the implementation of some provisions of the Iran Nuclear Agreement, but promised that the measures taken are “reversible.”
Relevant parties to the Iran nuclear agreement began holding talks in Vienna, the capital of Austria, in April this year to discuss the issue of the United States and Iran resuming compliance with the agreement. Due to serious differences between the United States and Iran and the change of leadership in the Iranian government, the talks were suspended after six rounds. A new round of talks will begin in Vienna on November 29, adjourn temporarily on December 3, and continue on the 9th.
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