Sylvia Westall, Bloomberg News

Sylvia Westall, Bloomberg News
EnergiesNet.co 08 04 2022

Latest developments

US, European and Iranian diplomats are set to return to Vienna on Thursday after months of deadlock in an attempt to save their moribund nuclear deal, as high energy prices stalk the global economy.

The European Union, which is coordinating the talks, has made a fresh proposal to rescue the landmark 2015 agreement, which eased sanctions on Iran, including on oil exports, in return for it curbing its atomic program. 

Details have yet to be revealed and previous proposals have made little headway. US Secretary of State Antony Blinken said on Monday he backed the EU’s latest plan.

The original nuclear deal collapsed after then-US President Donald Trump withdrew in 2018 and reimposed sanctions on the Iranian economy, prompting Tehran to ramp up its enrichment of uranium.

Oil

Oil steadied after plunging to the lowest close in almost six months on Wednesday amid signs of weaker US gasoline demand and rising inventories. Those outweighed a token supply increase from OPEC+.

West Texas Intermediate was little changed at around $90.50 a barrel, after sinking 4% on Wednesday. In the US, government data showed Americans are driving less than they did in the summer of 2020, when pandemic travel curbs all but halted movement. Nationwide crude stockpiles also expanded last week.

bloomberg.com 08 04 2022