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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According to Bloomberg data, global oil reserves have shown rapid growth over the past several weeks. Such changes indicate additional pressure from increased energy production volumes by OPEC+. As OilX data shows, energy reserves are growing at the fastest pace since 2020.
4 June
Iranian oil supplies to China fall due to US restrictions and declining demand
According to Vortexa, crude oil and condensate deliveries from Iran to China totaled just over 1.1 million barrels per day in May, approximately 20% lower than it was a year earlier. Further ship tracking data collection may alter these figures.
4 June
Decrease in Russian oil supplies led to decline in export value to the lowest in two years
According to Bloomberg, over the four weeks through June 1, the volume of Russian oil supplies to other countries averaged 3.24 million barrels per day. That's 170,000 barrels less compared to the period through May 25.
4 June
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
3 June
A decrease of the indicator value may contribute to the fall in quotes of Gasoline, WTI, Brent.
3 June
Twelve OPEC members raised oil output by 200,000 barrels per day (bpd) in May to 27.54 million bpd. Saudi Arabia accounted for about half of the increase, Bloomberg reports.
3 June
Rapid growth in electric truck sales in China reduces demand for oil products — Bloomberg
China's active transport electrification is raising market concerns over the future demand for oil and refined products. According to Bloomberg data, electric trucks accounted for 22% of light-duty commercial vehicle sales in China in April. The year before, this figure was only 13%.
3 June
Bloomberg reports that wildfires in Alberta, Canada's key energy producing region, have reduced the country's heavy oil output by nearly 350,000 barrels per day. This accounts for approximately 7% of Canada's total oil production.
3 June
Trump may lift restrictions on oil drilling in Alaska reserve — Reuters
Reuters reports that the Trump administration has proposed lifting restrictions on oil and gas development in the National Petroleum Reserve in Alaska (NPRA). These restrictions were introduced during Joe Biden's presidency to protect the region's ecosystem.
3 June
Canadian Prime Minister announces potential oil pipeline project to boost exports
Canadian Prime Minister Mark Carney said the government may look into constructing a new pipeline to ramp up global energy supplies. However, moving forward with this plan would require major investments in environmental programs to mitigate ecological risks.
3 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.
