- Iran announced that it will inform the EU this evening of its position on its draft text for the finalized nuclear deal
- "Our answer will be given to the EU tonight at 12 midnight...There are three issues that if resolved, we can reach an agreement in the coming days," said Iran’s foreign minister
- The move comes after months of negotiations and could potentially result in the introduction of more Iranian crude into the market
- The world’s top oil importer is showing signs of renewed weakness as China's refiners process less crude and apparent consumption declines (BBG)
- China's crude demand dropped by 9.7% (12.16 MMBbl/d) last month compared to -5.65% (13.041 MMBbl/d) in June, reaching its lowest point since March 2020 after the country reopened major cities from COVID lockdowns
- The country's refinery output slipped to 12.53 MMBbl/d in July compared with 13.37 MMBbl/d in June, according to data from the National Bureau of Statistics
- Prolonged outages at large state-run refineries such as Sinopec Shanghai Petrochemical Corp's 0.320 MMBbl/d crude facility and PetroChina Wepec's 0.200 MMBbl/d plant weighed on national production