| PVA 0599 (PVA BF05) |
The Druzeba oil pipeline can transport up to 1 million barrels of crude oil per day, accounting for 1% of global crude oil demand. According to trade data and Reuters calculations, about 700,000 barrels of crude oil supply is affected every day.
Brian Hook, the US’s special representative for Iran affairs and senior policy adviser to the US Secretary of State, said on April 25 that the global crude oil market has sufficient supply to ease the transitional oil supply and stabilize oil prices.
| PVA |
Bjornar Tonhaugen, head of oil market research at consulting firm Rystad Energy, said Saudi Arabia and its allies could replace all Iranian oil exports. Since October 2018, Saudi Arabia, Russia, the United Arab Emirates and Iraq have cut their oil production by 1.3 million barrels per day, which is enough to make up for the decline in Iranian oil exports.
US West Texas Intermediate crude oil prices fell 11 cents to $65.78 per barrel, hovering around the 2019 high of $66.60 per barrel this week. A report released on April 24 showed that US crude oil inventories rose more than expected last week, reaching its highest level since October 2017. Analysts said the report put pressure on US benchmark crude oil prices.
| POLYVINYL ALCOHOL |