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On June 13th, Iranian Foreign Ministry spokesman Baghae stated on the 12th local time that Iran and the United States have reached understandings on most issues, and Iran is currently finalizing the text of the memorandum of understanding. Therefore, Iranian Foreign Minister Araghchis earlier statement that "the two sides are very close to reaching an understanding" is accurate and noteworthy. Meetings of relevant decision-making bodies are underway, and this is an ongoing process. To achieve a final and decisive result, consensus must be reached between decision-making bodies and relevant departments. Baghae also stated that various speculations regarding the content of the agreement text have not yet been confirmed. While specific details of the diplomatic process are not suitable for public discussion at this time, this does not mean the public has no right to know.The U.S. State Department plans to work with Congress to provide $50 million in funding to the Coalition for Epidemic Preparedness Innovations (CEPI). This funding will support research and development efforts to combat medical countermeasures against the Bundibugyo strain of Ebola virus.On June 13, U.S. Energy Secretary Frank Wright stated on Friday that U.S. refiners can still absorb more Venezuelan crude oil. Wright said that Venezuela currently ships about half of its total daily exports of 1.2 million barrels to the United States, and this proportion is likely to rise in the coming months. Wright also stated that Iran is currently not exporting any oil or refined products. During the Middle East conflict, the United States has actively filled the gap in oil exports.Adobe (ADBE.O) shares fell 10%, hitting their lowest level since 2018.A senior U.S. government official said Iran’s civilian nuclear facilities are acceptable.

Oil Prices Increase In Anticipation of A China Demand Recovery

Haiden Holmes

May 18, 2022 10:18

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In early Asian trading on Wednesday, oil prices increased by more than $1 per barrel on optimism of a demand revival in China as the country gradually eases some of its harsh COVID-19 containment restrictions.


Brent crude futures rose $1.15, or 1%, to $113.08 a barrel at 00:42 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose $1.62, or 1.4%, to $114.02 a barrel, erasing some of the previous session's losses after oil prices plummeted by almost 2%.


On Tuesday, Shanghai reached the long-awaited benchmark of three consecutive days with no new COVID-19 cases outside of quarantine zones. On Monday, the city announced its plans to break a lockdown that has lasted for more than six weeks.


Stephen Innes, managing director of SPI Asset Management, stated in a client note: "Beyond the immediate term, less terrible news on China gives a nip in the tail in the shape of considerably greater oil demand and prices, which is positive for producers but negative for consumer sentiment."


U.S. crude and gasoline inventories decreased last week, market sources reported on Tuesday, citing American Petroleum Institute data. Wednesday is the anticipated release date for data from the U.S. government.


Russia's production decreased by about 9 percent in April, and the country, which is a member of the OPEC+ group of oil-producing nations, produced oil significantly below the levels required by an agreement to alleviate historic output restrictions established during the coronavirus pandemic's deadliest phase in 2020.


ANZ Research analysts said in a client note on Wednesday that there is ongoing pressure on prices following news that the United States is permitting Chevron Corp (NYSE:CVX) to negotiate oil licenses with Venezuela's national producer, temporarily eliminating a U.S. ban on such negotiations.


The planned adjustments may eventually result in more crude oil entering the market.


Monday's failure by the European Union to convince Hungary to rescind its veto of a proposed Russian oil embargo weighed on the market. However, some diplomats now point to a conference on May 30-31 as the time for an agreement on a phased prohibition.


Jerome Powell, chairman of the Federal Reserve in the United States, said on Tuesday that the central bank will raise interest rates as high as necessary to combat a surge in inflation, which he warned threatened the foundation of the economy.

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