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 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.
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.
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
A decrease of the indicator value may contribute to the fall in quotes of Gasoline, WTI, Brent.
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.
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%.
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.
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.
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.
Oil prices increased during early Asian trading on Tuesday due to concerns over reduced global fuel supplies, Reuters reported. The changes were driven by Iran’s possible rejection of the US nuclear deal and wildfires in Canada.
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