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.
On Tuesday, financial adviser to Iraq's prime minister Mudher Saleh said the target price of oil in the federal budget for 2025 to be lowered from the last year's $80 per barrel. At the start of this year, the decision was delayed due to negotiations with oil companies.
Oil prices were little changed early on Wednesday. A shift in US President Donald Trump’s tariff policy added to market uncertainty. Besides, investors are assessing the potential impact of trade tensions between the US and China on energy consumption.
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
The International Energy Agency (IEA) has implemented significant downward revisions to its oil demand projections, reducing near-term growth estimates by 29.13% and anticipating a further 5.48% decline in 2026.
In March 2025, OPEC+ countries involved in the agreement to limit oil output, increased production by 50,000 barrels per day (bpd), exceeding the approved daily volume by 1.12 million barrels, according to the International Energy Agency’s (IEA) April report.
According to JPMorgan experts, the current policy of the Trump administration may lead to a significant decline in oil prices. Analysts forecast a further drop of WTI below $60 in August and down to $55 per barrel towards the end of the year.
OPEC has lowered its outlook for world oil demand rise in 2025 and 2026 by about 100,000 barrels per day due to US President Donald Trump's trade policy negatively affecting energy consumption.
According to Russia's energy strategy, the country's target for oil production is set at 540 million tons for the end of this decade and for mid-century. This suggests producing about 10.84 million barrels per day. Such a value is only slightly higher than the figures of 2023.
Oil prices are trending higher on Tuesday, Reuters reports. This growth is supported by new trade exemptions announced by US President Donald Trump, as well as an increase in imports of the commodity to China amid expected tighter supply from Iran.
China’s oil imports rose steeply from January and February and grew 5% on an annual basis in March. According to China’s General Admission of Customs, last month the country’s crude imports totalled 51.14 million tons, or 12.1 million barrels per day.
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