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
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Russia, Iraq and Kazakhstan to reduce oil overproduction within OPEC+ quotas
OPEC+ countries, which previously exceeded the established oil production quotas, plan to further reduce crude oil output to compensate for the violations. Kazakhstan, Iraq and Russia proposed to increase the volume of production cuts in order to restore balance in the global oil market.
21 March
According to Reuters experts, the forecasts of international energy organizations on the state of the Chinese oil market do not coincide with reality.
20 March
Crude oil imports from Canada to US plunged to record low in two years on Trump's tariffs
According to estimates of the US Energy Information Administration (EIA), crude oil supplies to the United States from Canada decreased by 541 000 to 3.1 million barrels per day over the previous week, the lowest level over the past two years.
20 March
Oil prices rise following release of US inventories data
As reported by Reuters, oil prices edged up in early trading on Thursday on a drop in US fuel inventories and an escalation of tensions in the Middle East. Brent and WTI prices settled up 0,57% and 0,51%, respectively, due to a higher-than-expected drawdown in US distillate inventories.
20 March
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
19 March
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
19 March
OilPrice: Nigeria's oil production hit by pipeline accident
An accident occurred on one of Nigeria's key Trans-Niger oil pipelines on Monday evening, according to OilPrice. The incident comes at a time when Nigeria has been working to ramp up its oil production.
19 March
Oil prices decline amid rising crude inventories in US
Oil prices continued to decline on Wednesday after a report from the American Petroleum Institute (API) revealed a 4.6 million barrel increase in US inventories. However, reserves at the key hub in Cushing decreased, according to Bloomberg.
19 March
Oil production in Russia is forecast to decrease slightly this year
As stated by Russian Deputy Prime Minister Alexander Novak, the volume of oil production in Russia this year is likely to be slightly lower compared to 2024. The decrease is related to Moscow's commitment to compensate for the earlier overproduction in compliance with the OPEC+ agreement.
19 March
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
18 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.
