are also straining power grids and hampering the delivery of commodities as rivers drop to low levels. Energy conservation advisories are surfacing as regions struggle to meet summer demand in what could be a prelude to an energy crisis during winter.
Meanwhile, the American Petroleum Institute reported crude inventories fell by 448,000 barrels last week, while petrol stockpiles increased by more than 4 million barrels, according to a person familiar with the figures. Government data is due later Wednesday. Oil markets have been transfixed in recent days by the possibility that an agreement could be struck to save the Joint Comprehensive Plan of Action, a nuclear pact that was abandoned by former US president Donald Trump. Given that an accord could clear the way for Tehran to resume crude exports without US sanctions, global benchmark Brent closed on Tuesday at the lowest since February.
At present obstacles remain, especially regarding so-called continuity guarantees the US is unable and unwilling to provide, the analysts said. In addition, Iran has “weak incentives” to agree given it’s already exporting about 1 million barrels a day while also making progress toward medium-term nuclear goals, they said.
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