The US is committed to "pause efforts" to further reduce Iran's crude oil sales during the period of the Joint Plan of Action (JPOA) between the P5+1 and Iran on Friday.
In return for this and other limited relief measures, Iran has taken steps that have halted and in key respects rolled back progress on its nuclear program," said a statement from the White House. "The International Atomic Energy Agency (IAEA) has verified that Iran is meeting these commitments." The decision was made in part due to analysis in the Energy Information Administration's report from October that indicated that oil markets continued to loosed in recent months.
"Although substantial global unplanned supply disruptions continue to remove oil from the market, production increases in other countries, particularly in the United States, and weak global demand growth have substantially mitigated oil market tightness," affirmed the statement.
Crude oil prices are its lowest level in four years and the global surplus and inventories have increased in recent months. The price of Brent crude is below USD 80 more than 25 percen lower than six months ago, according to the White House.