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.