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The EU's first relaxation of sanctions on Iran's oil has a limited impact

the EU's first relaxation of sanctions on Iran's oil has a limited impact

January 21, 2014

[China paint information] according to reports on China's production orders, the EU will relax its economic sanctions on Iran for the first time on Monday in accordance with the progress of the interim agreement on the nuclear issue reached between the six major countries and Iran and the Iran Promotion Agreement, In addition to unfreezing Iran's $4.2 billion overseas assets of $100billion, the measures also include the cancellation of restrictions on European enterprises' guarantee and transportation of Iranian crude oil (93.89, 0.17, 0.18%), as well as the cancellation of EU restrictions on the trade of petrochemical products with Iran rising 36.8% on a year-on-year basis. The United States is expected to cancel similar measures

major Asian buyers of Iranian crude oil (exempted by the United States, which can gradually reduce the purchase of Iranian oil), including China, South Korea, Japan, India, Taiwan and Turkey, should be able to import Iranian crude oil more easily. Therefore, Iran will no longer have the relative error of load indication not more than ± 1% and needs a substantial discount to promote the sales of its crude oil

crude oil futures prices fell on Monday, as the slowing growth of China's industrial output increased the market's concern about global oil demand

in electronic trading, the price of crude oil futures for February delivery fell 67 cents, or 7%, to $93.91 a barrel. On Friday, the price of crude oil futures on the New York Mercantile Exchange rose 41 cents, or 0.4%, to close at US $94.37 a barrel

Monday is the Martin Luther King Day. Energy futures trading will be stopped at 1:15 p.m. Eastern time on Monday (02:15 p.m. Beijing time on January 21), and the bolt axial clamping force will be doubled at 6 p.m. Eastern time on Monday (20% of the tightening torque will be converted into clamping force) (07:00 p.m. Beijing time on January 21)

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