On June 20, WTI crude oil traded at 71.$72 / barrel, up 0 in the day.53%, erasing some of this week's decline。

Russian refining facilities reach highest processing rate since second half of April

On the news, the increased supply of crude oil is putting pressure on oil prices。In the week ending June 14, Russian refining facilities processed 5.49 million barrels of crude oil a day, up nearly 19 percent from the previous week, according to people familiar with the matter..40,000 barrels per day, the highest processing rate since the second half of April, and the country had just pledged to extend its production cuts at an earlier OPEC + ministerial meeting, saying it would continue its additional 500,000 barrels per day of crude oil production cuts until the end of 2024.。

In fact, the transparency of Russia's oil production has been criticized by the market.。Since Russia has now stopped reporting its crude oil production levels, the market and analysts intelligently rely on data providers' ship tracking data, trade sources, and import statistics from China and India to understand Russia's crude oil supply.。Earlier this month, Saudi Arabia, which expressed frustration over the issue, had called the Kremlin and, according to an after-action announcement, the two sides exchanged views on ensuring stability in the energy market.。

In response, Viktor Katona, head of oil analysis at commodity data service Kpler, said: "With the spring maintenance season basically over, Russia is restoring daily refinery throughput.。"

Iran crude oil exports soar

In addition to Russia, Iran's crude oil exports have also raised concerns in the market.。Iran's crude exports and oil output remain at record highs in 2023 despite U.S. sanctions, according to sources, pushing global supplies higher while other producers limit output.。

Rumors of an increase in Iran's crude oil exports have intensified recently.。Last week, according to a group of agencies including Kpler, SVB Energy International, FGE and the International Energy Agency, Iran's crude oil exports have soared to their highest level since the US reimposed sanctions in 2018.。

Iranian crude shipments have doubled since last fall, Kpler said, still reaching 1.6 million bpd in May against the backdrop of U.S. sanctions.。Iran's oil production has reached 2.9 million bpd, the highest level since the end of 2018, the IEA said.。Consultants SVB Energy, Petrologistics SA and FGE are more aggressive in their estimates, and under their forecasts, Iran's oil production is even higher, possibly exceeding 3 million barrels per day.。

Earlier, it was reported that the United States and Iran were close to reaching an interim agreement that Iran would curb its nuclear program in exchange for easing sanctions on the part of the United States.。According to rumors, the agreement stipulates that Iran will stop enriching uranium by 60 percent or more, and in return, Iran will be allowed to export up to 1 million barrels of oil per day.。

As the oil market is in a period of weak demand, WTI crude oil fell 4 percent after the news was released..8%。

After the incident, both sides urgently refuted the rumor.。A spokesman for the White House National Security Council said: "This report is false and misleading.。In order to completely dispel market doubts, he further stated: "Any reports of an interim agreement are false."。For its part, Iran's mission to the United Nations also took a negative view of the rumored agreement, saying: "Our comments are identical to those of the White House."。"

Big banks are bearish on the oil market.

Against this backdrop, Wall Street also lowered the outlook for oil prices.。Last week, Goldman Sachs senior commodities analyst Jeff Currie (Jeff Currie) once again lowered his forecast for December Brent crude oil prices, after Goldman Sachs has been known as a super long oil.。

Cary said rising supplies from Russia, Iran and Venezuela; fears of a growing recession and the continued headwinds of rising interest rates on rising prices are all reasons for his growing pessimism about the oil market。

Citi also expressed concern that the supply side is dragging down the oil market.。Saudi production cuts are unlikely to remain high at $80 or $90, the bank said, because demand is sluggish and supplies from non-OPEC countries will increase before the end of the year.。

In addition, JPMorgan Chase is bearish on the future oil market。The bank cut its average forecast for Brent oil prices this year to $81 a barrel from $90 previously, weakening the bullish outlook.。