In recent months, global oil reserves have grown rapidly. Most of this growth has occurred in the Asia-Pacific region, helping to keep energy prices stable, Morgan Stanley reports.
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Oil market News
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India outpaces China in oil demand growth
India is cementing its status as one of the world's leading oil consumers, outpacing China in demand growth earlier than expected. India’s crude consumption is expected to be up 3.4% and hit 5.74 million barrels per day in 2025.
16 May
Potential US-Iran deal continues to pressure oil prices
Oil prices remain under pressure on Friday amid prospects of a potential US-Iran deal. The agreement could worsen the already expected crude oversupply by year-end, Bloomberg reports.
16 May
The International Energy Agency (IEA) has downgraded its outlook for global oil demand growth, now expecting an increase of just 650,000 barrels per day (bpd) by the year-end. The major factors behind the revision were global economic headwinds and record electric vehicle sales.
15 May
Kazakhstan went over its OPEC+ quota again in April despite cutting back on production
According to an industry source confirmed by Reuters calculations, Kazakhstan's oil production decreased by 3% in April to 1.82 million barrels per day (bpd). Despite some cuts, the country still went above and beyond the OPEC+ quota of 1.473 million bpd.
15 May
OPEC+ began to gradually restore oil supplies in April
According to Bloomberg, OPEC+ countries began gradually increasing oil output in April. Last month, eight states that agreed to hike supplies raised the total crude production by only 25,000 barrels per day (bpd), far short of the planned 138,000 bpd.
15 May
US weakly crude oil inventories rose by 4 million barrels — EIA
According to yesterday’s report from the Energy Information Administration (EIA), US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, rose by 4 million barrels. The figure reached 441.8 million barrels per week as of May 9.
15 May
Oil prices dropped over 2% on Thursday amid investor concerns over a potential supply glut fueled by prospects of a US-Iran deal and an unexpected increase in American crude inventories last week, according to Reuters.
15 May
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
14 May
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
14 May
US to speed up review of gas leasing applications
The United States will cut in half the time it takes to review applications for oil and gas development leases on federal lands. The review period will be reduced to six months. This announcement was made on Tuesday by the Department of the Interior (DOI).
14 May
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.
