- Oil is set to post a third consecutive monthly decline of nearly 10%
- WTI fell by $2.29 this morning to trade below $90/Bbl amid China's renewed Covid lockdowns
- China's "zero Covid" policy weighed on the market amid anticipation of weaker fuel demand
- Iran says it is evaluating the U.S. response to the European Union draft proposal aimed at restoring the 2015 nuclear deal while stressing the importance of "stronger guarantees" from the American side to seal the deal (BBG)
- Iran's Foreign Minister stated today that the nuclear agreement is "not out of reach" but that it may request the U.S. for stronger terms
- The statement follows yesterday's conflicting reports that claimed a deal had been reached but were later refuted by a representative for the U.S. State Department
- Russian seaborne crude exports to Asia have decreased by more than 0.50 MMBbl/d over the last three months, reaching their lowest levels since late March (BBG)
- Shipments in the week ending August 26 lost most of the prior gains on a weekly and four-week average basis, according to Bloomberg's ship tracking data
- Total flows decreased to 3.04 MMBbl/d for the week of August 26 compared to the previous week's 3.62 MMBbl/d