According to five different trade sources cited by Reuters, Saudi Arabia's crude oil exports to China will rise to their highest level in two years in August.
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China's oil demand will peak in 2027 — IEA
Today, the International Energy Agency (IEA) released a new oil market forecast through 2030. According to the organization’s analysts, oil demand in China will peak in just two years and then begin to decline.
17 June
Russell Hardy, Chief Executive Officer of Vitol, projected a measured decline in US petroleum production for 2025 during his address at the Energy Asia conference. The industry leader attributed this anticipated reduction to the price sensitivity characteristic of US shale operators.
17 June
China builds up oil reserves amid escalating tensions in Middle East
According to Reuters, China is building up stocks of crude oil as the country's refineries are processing less than the combined volumes of imports and domestic production. This allows the world's largest fuel importer to reduce future purchases.
17 June
According to the OPEC+ monthly report, eight member states involved in the current agreement increased oil production by just 154,000 barrels per day (bpd) last month, which is below the planned 411,000 bpd target.
17 June
Saskatchewan’s Premier ready to increase oil production to 1 million barrels per day — Bloomberg
According to Scott Moe, the Premier of the Canadian province of Saskatchewan, the region could increase oil production to 1 million barrels per day if regulatory requirements are eased. This would only be possible after building pipelines and lifting emissions restrictions in the oil and gas sector.
17 June
Geopolitical tensions spur demand for oil options — Bloomberg
The oil options market has seen a surge in activity amid rising tensions in the Middle East, as reported by Bloomberg. Fearing possible disruptions in energy supplies, market participants are actively purchasing call options, which give them the right to buy oil at a fixed price in the future.
16 June
In May, oil refining in China decreased by 1.8% year-over-year, reaching its lowest level since last August. This decline was due to maintenance work at state-owned and private oil refineries.
16 June
Escalating tensions in Middle East drive up oil prices
Tensions in the Middle East are heightening concerns among oil market participants, RBC reports. Previously, traders feared an oversupply, but now they are alarmed by the potential loss of up to 90% of Iranian oil exports. The risk of disruptions in crude supplies has led to higher prices.
16 June
US opposes lower Russian oil price — Bloomberg
According to Bloomberg sources, the US government maintains its stance and refuses to lower the price cap on Russian oil sales. This position dampens the EU's hopes for reaching an agreement to reduce the cost of Russian energy supplies during the upcoming G7 summit in Canada.
16 June
Two years of escalating tensions in the Middle East have made oil traders increasingly wary of supply disruptions. While energy flows remained stable even during past regional conflicts, the latest rift between Iran and Israel is once again rattling market confidence, Bloomberg reports.
16 June
News on oil prices is not just information for specialists. This is an important signal for every experienced trader. This section of the website will help you understand when there’s a "Strong buy" signal for oil and when it is a "Strong sell" signal.
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.
What determines oil prices?
- Global events. Political crises, conflicts, and agreements between producing countries have a huge impact on oil prices.
- Supply and demand. When many consumers try to buy oil that is in deficit – the prices go up. Otherwise, when supply is greater than demand, the prices go down.
- Russia and Saudi Arabia. These countries are among the leading oil producers. Their decisions on oil output have a direct impact on the global market.
- OPEC. This is a group of oil-producing countries. Their agreements on production cuts are aided at stabilizing prices.
- Alternative energy sources. The development of solar, wind, and other power stations can weaken the countries' dependence on oil and put pressure on its prices.
- Electric cars. The increasing popularity of electric cars reduces the need for gasoline and, consequently, for crude oil.
- Global tensions. Oil is a strategic resource. Geopolitical events can affect its production and prices.
- Environmental constraints. Rising environmental awareness may reduce demand for oil, affecting its price.
Why follow the latest oil news?
- To make informed investment decisions. Being aware of the oil industry news helps you make conscious choices.
- To assess the impact on the economy. Oil prices can affect inflation, economic growth, and even our wages.
