China’s oil imports rose steeply from January and February and grew 5% on an annual basis in March. According to China’s General Admission of Customs, last month the country’s crude imports totalled 51.14 million tons, or 12.1 million barrels per day.
According to Russia's energy strategy, the country's target for oil production is set at 540 million tons for the end of this decade and for mid-century. This suggests producing about 10.84 million barrels per day. Such a value is only slightly higher than the figures of 2023.
Oil prices are trending higher on Tuesday, Reuters reports. This growth is supported by new trade exemptions announced by US President Donald Trump, as well as an increase in imports of the commodity to China amid expected tighter supply from Iran.
China’s oil imports rose steeply from January and February and grew 5% on an annual basis in March. According to China’s General Admission of Customs, last month the country’s crude imports totalled 51.14 million tons, or 12.1 million barrels per day.
Oil prices are moderately declining due to concerns over escalating trade tensions between the US and China, the threat of slowing global economic growth, and a possible drop in fuel demand. On Monday, Brent and WTI crude oil benchmarks pulled back from Friday's highs.
Goldman Sachs projects oil prices will be falling until the end of this year and through next year on increasing risk of global recession and a supply hike from OPEC+. WTI and Brent crude will average $59 and $63 per barrel, respectively, through the end of 2025.
A decrease of the indicator value may contribute to the fall in quotes of WTI, Brent.
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
A decrease of the indicator value may contribute to the rise in quotes of NG, WTI, Brent.
According to Reuters, Saudi Arabia will supply China with about 48 million barrels of oil in May. By comparison, April’s volume is just above 35 million. The projected amount is the highest since 2024, and it also represents the first rise this year, the agency reports.
Oil is falling for the second week in a row amid escalating trade tensions between the US and China. On Friday, prices continued their bearish trend as market players feared that the ongoing dispute between the world's two largest economies could lead to reduced fuel consumption.
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Oil price movements are more than just charts on a screen. It is one of the key drivers of the global economy. Understanding these dynamics helps in making rational decisions and adapting to changes.
