Iranian heavy crude oil price rises 6% in March: OPEC

mahla — Wed, 14 Apr 2021 13:22:23 +0000

TEHRAN (Iran News) – Iranian heavy crude oil price increased $3.64 in March to register a six-percent rise compared to the previous month, according to OPEC’s latest monthly report published on Tuesday.

Iranian heavy crude oil price followed its upward trend for the fifth consecutive month to reach $64.3 per barrel in the mentioned month, compared to February’s $60.66 per barrel.

According to the report, the country’s average heavy crude price was $60 from the beginning of 2021 up to the report’s publishing day, in comparison to $49.32 in the previous year’s same period.

The report put Iranian crude output for March at 2.304 million barrels per day indicating a 137,000-bpd increase compared to the figure for the previous month.

Based on OPEC data, the country’s average crude output in the first quarter of 2021 stood at 2.190 million barrels per day indicating a near 197,000-bpd rise compared to the figure for the last quarter of 2020.

OPEC Basket prices also rose $8.82 or 17.2 percent to reach $60.22 a barrel in March from the same month in 2020.

In addition to the devastating impacts of the coronavirus pandemic on the global oil industry which resulted in the drastic fall in oil prices, the Iranian oil industry has also been under pressure from the U.S. efforts to isolate the country by re-imposing sanctions.

The country, however, has been ramping up its oil production over the past few months following the recent developments in the White House and also the recovery of the global markets from the negative impacts of the coronavirus pandemic.

Earlier in February, Fitch Solutions Incorporation, a subsidiary of Fitch Ratings, which is one of the U.S.’s three biggest credit rating agencies, forecasted a 6.8-percent growth for Iranian oil exports in 2021 if the U.S comes back to the 2015 nuclear deal.

In one of its latest reports dubbed “Iran Oil and Gas Report”, Fitch also saw the Islamic Republic’s crude oil exports double in 2022 compared to 2020.

“The prospects for the Iranian oil sector have brightened significantly following Joe Biden’s victory in the U.S. presidential election on November 3. President Biden has indicated that he will seek to re-enter the U.S. into the Iranian nuclear deal, paving the way for a roll-back of secondary sanctions and recovery of around 2.0 million barrels per day (bpd) in oil production,” the report said.

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Trader Reaction to $49.07 Will Determine Strength of Rally of Crude Oil

reporter 1222 — Sun, 20 Dec 2020 09:19:42 +0000

TEHRAN (Iran News) – U.S. West Texas Intermediate crude oil futures hit a nine-month high on Friday as investors continued to bet that the rollout of COVID19 vaccines would lead to an increase in demand sooner than previously expected. Meanwhile, traders seemed to shrug off the surge in coronavirus cases across the globe, and a possible stalemate in negotiations over fresh U.S. fiscal stimulus.

At 20:47 GMT, February WTI crude oil is trading $49.04, up $0.50 or +1.03%.

Pfizer has applied for approval in Japan for its vaccine, which is being used in the United Kingdom and the United States. Vice President Mike Pence said U.S. approval for Moderna’s shot could come later on Friday.

In other news, U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row as producers keep returning to the good pad with crude prices trading above $45 a barrel since late November.

The main trend is up according to the daily swing chart. The uptrend was reaffirmed on Friday when buyers took out the March 3, 2020 top at $49.07. The next move will be determined by whether buyers can take out $49.07 with conviction.

“Crude Oil Price Update – Trader Reaction to $49.07 Will Determine Strength of Rally”

Taking out a level with conviction essentially means “old tops become new bottoms”. It also means the market goes “bid” on the breakout.

If this level is taken out with conviction then it will indicate that new buyers are coming in and they aren’t afraid to buy strength. If the move continues to build then look for the rally to possibly extend into the February 20 main top at $53.60 over the near-term.

If buy stops rather than new buying triggered the breakout then the market could straddle $49.07 or even pullback 50% to 61.8% of the rally from $45.14 before another wave of buyers shows up.

The post Trader Reaction to $49.07 Will Determine Strength of Rally of Crude Oil appeared first on Iran News Daily.

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Iranian heavy crude oil price rises 6% in March: OPEC

Trader Reaction to $49.07 Will Determine Strength of Rally of Crude Oil