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Market Recap – Oil waivers announcement

Monday, April 22, 2019 10:03 AM GMT

In theory, today should be a calm trading day, as European, Australian and New Zealand markets are closed for Eastern.

A very likely market moving event could be Mike Pompeo’s, the US Secretary of State, announcement regarding the waivers, the USA is currently granting to countries buying oil from Iran.

Brent contracts, WTI contracts, CAD pairs and NOK pairs are already being affected.

When President Trump announced on March 2018, that the USA would exit the agreement with Iran, the USA gave a period of 180 days to all Iranian oil importers to cut down their buying. On November 2018, the USA has granted waivers/exceptions from the above request to a list of eight countries and the end result has been that Iran was still producing 2,69Million Barrels per day in March 2019 (from 3.81MBpd in 2017 and 3.55MBpd in 2018). The Iranian oil exports have fallen from 2.5MBpd in April 18, to 1MBpd in March 19. Yesterday, the Washington Post reported that Mike Pompeo is set announce the end of these waivers.

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