The annual oil conference of the S&P Global Pellets Institute, held annually in Singapore, brought together the greats of the oil industry virtually this year. BP, Trafigura, Citigroup and Vitol are some of the familiar letters in the world oil and gas industry that attended the largest meeting of the world's oil industry and trade, sending messages about the future of the oil market, which are largely devoid of optimism.
Estimates from international institutions, as well as the latest statistics released by Chinese Customs, indicate an increase in the supply of Iranian crude oil to the market. According to these figures, which are unofficial estimates, Iran's daily crude oil exports have probably increased to 600,000 barrels per day this summer. 120,000 barrels of this amount for July (July-August) has been approved by Chinese customs. Optimism about the outcome of the US presidential election and the growth of Chinese demand for cheap crude oil could be two possible reasons for the increase in Iran's activity in the oil market.