US Treasury issues new Iranian sanctions
March 21, 2025
President Trump is said to be considering extending Chevron’s license to continue production in Venezuela. It is a key source of heavy sour crude oil for the US Gulf Coast.
The US Treasury Department issued a new Iran related sanctions, targeting one individual, vessels, and several entities, including a Chinese teapot refinery. Crude oil prices closed 1.6% yesterday on this news.
President Zelensky said he had very substantive and positive talks with President Trump on a partial ceasefire with Russia but said that until formal documents are signed both sides will continue to attack the other’s infrastructure including energy.
Citi forecast crude oil prices would fall to $60 per barrels from $65 per barrel during the second half of 2025.
OPEC+ issued a new schedule for seven member nations including Russia, Kazakhstan, and Iraq to make further oil output cuts to compensate for production above their agreed levels. The plan will represent monthly cuts of between 189,000 bpd and 435,000 bpd. The scheduled cuts last until June 2026.