Donald Trump's tariff policies could seriously damage the US oil industry. Drillers cut the number of active oil rigs last week to 583. Meanwhile, major companies are reassessing high-cost projects.
17 April
Oil market News
Categories
OPEC+ sticks to planned oil production hike through May
OPEC+ will increase production by 135,000 barrels per day, marking the second consecutive monthly increase. This move is part of a gradual cancellation of the production cuts implemented since 2022. Reuters reports on this strategy.
25 March
Analysts at Goldman Sachs report that for every $10 decline in Brent crude prices, production growth in non-OPEC+ countries slows by approximately 0.3 million barrels per day annually.
25 March
Oil prices barely changed amid US plans to impose tariffs on countries buying crude from Venezuela
Oil prices barely changed on Tuesday after US President Donald Trump announced his intention to impose duties on countries buying oil and gas from Venezuela, Reuters reports.
25 March
According to data analyzed by Raymond James, this year will see the highest amount of new oil supply in a decade that will reach almost 3 million barrels per day. THowever, this scenario is only possible if oil prices recover.
24 March
Iraq plans to increase oil production to 6 million barrels per day by 2029
According to Iraq's oil ministry undersecretary, the country intends to boost oil production to over 6 million barrels per day by 2029. He believes such a goal can be achieved through oil exploration and drilling activity.
24 March
Oil prices remain stable following the assessment of Donald Trump's trade policies
Oil prices remain stable at the beginning of the week as traders assess the impact of higher US tariffs and the upcoming increase in OPEC+ oil production. Brent oil traded above $72 per barrel after a 2.2% increase last week, and WTI was near $68. This is reported by Bloomberg.
24 March
An increase of the indicator value may contribute to the rise in quotes of WTI, Brent.
21 March
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
21 March
An increase of the indicator value may contribute to the fall in quotes of NG, WTI, Brent.
21 March
Reuters reports that oil prices rose in early Asian trading on Friday due to the introduction of US restrictions on Iran and a new OPEC+ plan to reduce overproduction.
21 March
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.
