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Crude Iranian oil returned to US soil after 30 years of sanctions

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Miguel A. Rodriguez
Miguel A. Rodriguez
31 May 2021
After 30 years of sanctions, the US imported crude Iranian oil

According to the Energy Information Administration (EIA), the US imported a significant batch of crude oil from Iran despite the severe sanctions imposed on the former by the White House. The EIA data revealed that the US imported approx. 36,000 barrels per day in October 2020. Also, this March, the import volumes of Iranian crude oil came in at 33,000 barrels daily.

It marked the first delivery of Iranian crude to the US since 1991 when it was shipping up to 64,000 barrels/day. Lately, Iran has been in talks with the US regarding the sanctions and nuclear activities to fully comply with the 2015 nuclear pact.

Regardless of the news, crude oil price went up 0.8% to $66.87 per barrel, and Brent oil rose 0.7% to $69.22 a barrel. Both are on track for the second consecutive monthly gain as the oil demand is expected to grow.

Now, all eyes will be on Tuesday’s OPEC+ meeting. The organization is expected to keep on going with its plan to gradually ease supply cuts until July.

Sources: eia.gov, investing.com.

This information/research prepared by Miguel A. Rodriguez does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views and consequently any person acting on it does so entirely at their own risk.The research provided does not constitute the views of KW Investments Ltd nor is it an invitation to invest with KW Investments Ltd. The research analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.The research analyst in not employed by KW Investments Ltd. You are encouraged to seek advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit that conforms to your specific investment objectives, financial situation, or particular financial needs before making a commitment to invest. The laws of the Republic of Seychelles shall govern any claim relating to or arising from the contents of the information/ research provided. 

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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.