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.
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
Shell anticipates lower-than-expected gas production in the first quarter 2025 due to unplanned maintenance at its Australian facilities. Shell forecasts integrated gas production of 910,000–950,000 barrels of oil equivalent.
Goldman Sachs again lowered its forecasts for the average annual price of Brent and WTI oil in 2026. The investment bank cited growing recession risks and the possibility of a larger-than-expected increase in supply from OPEC+.
Saudi Arabia, the world’s leading oil exporter, cut crude prices for buyers in Asia in May to a four-month low. The move was driven by the decision of OPEC+ to speed up the increase in oil output.
Oil fell more than 3% on Monday, Reuters reports. Escalating trade tensions between the US and China added to fears of a global recession that could reduce demand for crude.
A decrease of the indicator value may contribute to the fall in quotes of WTI, Brent.
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 rise in quotes of NG, WTI, Brent.
Goldman Sachs has downgraded its 2025 price forecast for Brent crude by 5.5% to 69 per barrel and for WTI prices by 4.3% to $66. The bank attributes this adjustment to mounting risks from OPEC+ production hikes and escalating trade tensions stemming from US tariff policies.
Eight OPEC+ members agreed to accelerate their phase-out of production cuts in effect since 2022, approving a 411,000 barrel per day output increase for May. The organization had initially planned a 135,000 barrel per day production hike.
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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.
