- Oil prices are trading slightly lower ahead of EIA’s 9:30 am inventory report
- Yesterday, the American Petroleum Institute (API) reported a drawdown in inventories of 3.09 MMBbls
- If the EIA confirms the stat, then it would mark the fourth consecutive draw
- According to Bloomberg, the EIA is estimated to report a draw of 3.16 MMBbls
- Russian Deputy Prime Minister Alexander Novak says OPEC+ prioritizes mid-term strategy over consuming nation calls for more supply
- Novak said that the OPEC+ group had resisted calls from Washington to boost output because it wants to provide the market with clear guidance and not deviate from policy
- He also said that the release of strategic stockpiles from consuming nations will have a limited short-term impact on markets and that global demand will rise by around 4 MMBbl/d in ’22
- State Department spokesman Ned Price says Iran ‘dragging its feet’ on return to the nuclear deal
- Iran has reportedly been slacking in talks to return to the accord while accelerating its nuclear program
- European and U.S. diplomats are becoming increasingly skeptical they can offer the kind of sanctions relief Iran demands, and one European official said the window of opportunity has shrunk to a matter of weeks
- Even Iran’s advocates, China and Russia, suggest the new round might have just a month to succeed