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.
After rising 4% during Tuesday's trading session, crude oil prices fell due to supply disruption risks stemming from the ongoing Middle East conflict. Fitch analysts warned that significant damage to Iran's production could exert further pressure on oil prices in the near term.
The Trump administration suggested making 82% of the 9.3-million-hectare National Petroleum Reserve in Alaska available for oil and gas extraction. This move challenges ex-President Joe Biden's initiatives to limit drilling in the region.
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
Today, the International Energy Agency (IEA) released a new oil market forecast through 2030. According to the organization’s analysts, oil demand in China will peak in just two years and then begin to decline.
Russell Hardy, Chief Executive Officer of Vitol, projected a measured decline in US petroleum production for 2025 during his address at the Energy Asia conference. The industry leader attributed this anticipated reduction to the price sensitivity characteristic of US shale operators.
According to Reuters, China is building up stocks of crude oil as the country's refineries are processing less than the combined volumes of imports and domestic production. This allows the world's largest fuel importer to reduce future purchases.
According to the OPEC+ monthly report, eight member states involved in the current agreement increased oil production by just 154,000 barrels per day (bpd) last month, which is below the planned 411,000 bpd target.
According to Scott Moe, the Premier of the Canadian province of Saskatchewan, the region could increase oil production to 1 million barrels per day if regulatory requirements are eased. This would only be possible after building pipelines and lifting emissions restrictions in the oil and gas sector.
The oil options market has seen a surge in activity amid rising tensions in the Middle East, as reported by Bloomberg. Fearing possible disruptions in energy supplies, market participants are actively purchasing call options, which give them the right to buy oil at a fixed price in the future.
In May, oil refining in China decreased by 1.8% year-over-year, reaching its lowest level since last August. This decline was due to maintenance work at state-owned and private oil refineries.
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