On Tuesday, oil prices are declining due to pressure from concerns over escalating trade tensions. Market participants are worried about the impact of increasing friction between the US and EU on economic activity and fuel demand.
According to the latest World Oil Outlook by the Organization of the Petroleum Exporting Countries, or OPEC, global demand for crude will grow by about 19% to reach about 123 million barrels per day (bpd) by 2050.
Standard Chartered has debunked the Wall Street theory gaining popularity about the existence of hidden oil reserves outside the Organization for Economic Cooperation and Development (OECD) in China and South Africa.
On Wednesday, senior officials from the three leading OPEC producing countries—Saudi Arabia, the United Arab Emirates, and Kuwait—said the production increases delivered by the alliance were necessary.
The US Energy Information Administration (EIA) reported an unexpected 7.1-million-barrel increase in domestic crude oil inventories, pushing total stocks to 426 million barrels for the week ending July 4.
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
Oil markets are absorbing OPEC+’s production hikes without a significant rise in inventories, signaling steady demand, according to UAE Energy Minister Suhail Al Mazrouei.
Norway is actively investing in developing new offshore fields, increasing oil production in an already oversupplied market. The country plans to spend over $15 billion on offshore oil projects before the end of the decade.
BCA Research forecasts further decline in oil prices this year, driven primarily by weakening global demand for crude. As reported by Investing.com, Brent oil lost over 6% of its value in the first half of the year.
On Tuesday, oil prices climbed to a two-week high after EIA lowered its short-term forecast for domestic energy production growth. Additional support came from shipping risks in the Red Sea and market concerns over potential American tariff hikes on copper imports, Reuters reported.
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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.
