- Brent crude traded near its three-year high Tuesday morning amid the expectation that oil stockpiles will continue to decline globally as demand improves and OPEC+ keeps supply subdued
- In the near term, all eyes will be on Wednesday’s oil inventory report, and more significantly, how Cushing stocks move
- The API will report industry estimates for oil inventories later this afternoon with more closely followed government data tomorrow morning
- Saudi Aramco said oil-output capacity around the world is declining quickly, and companies need to invest more in production (Bloomberg)
- “The spare capacity is shrinking.: CEO Amin Nasser said in an interview in Riyadh
- The supply deficit in oil markets could worsen in 2022 if the coronavirus pandemic eases and more people fly, he said
- Oil pared some gains yesterday as Iran’s Deputy Foreign Minister Ali Bagher Kani said he’ll head to Brussels on Wednesday to discuss how to reboot nuclear negotiations with world powers that have stalled since June
- U.S. envoy Robert Malley warned that efforts to revive the Iran nuclear deal are entering a “critical phase,” saying that there is “shared impatience” between Washington and its allies of Iran’s nuclear program (Aljazeera)
- U.S. officials say Washington is ready to join the talk as soon as Tehran agrees to another round of negotiations
- AEGIS notes that an unsanctioned Iran could add 1.5 to 1.8 MMBbl/d of oil supply