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.
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
An accident occurred on one of Nigeria's key Trans-Niger oil pipelines on Monday evening, according to OilPrice. The incident comes at a time when Nigeria has been working to ramp up its oil production.
Oil prices continued to decline on Wednesday after a report from the American Petroleum Institute (API) revealed a 4.6 million barrel increase in US inventories. However, reserves at the key hub in Cushing decreased, according to Bloomberg.
As stated by Russian Deputy Prime Minister Alexander Novak, the volume of oil production in Russia this year is likely to be slightly lower compared to 2024. The decrease is related to Moscow's commitment to compensate for the earlier overproduction in compliance with the OPEC+ agreement.
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
PDVSA has developed three plans to keep its largest joint venture, Petropiar S.A., running after Chevron leaves. The American multinational corporation is ceasing operations in the Orinoco Belt due to its US license expiring soon. This permit was issued back in 2022.
Reuters reports that oil prices were little changed in early trading on Tuesday. Concerns over global economic growth and a potential de-escalation in Eastern Europe offset positive statistics from China and growing instability in the Middle East, which could affect the supply.
Donald Trump's return to the role of US President initially boosted the mood of oil producers. However, industry executives later expressed concerns about the future of the sector. The reason lies in the US leader's controversial policies and his intention to lower energy prices.
Oil prices rose for a second consecutive day after the Chinese government announced plans to further stabilize its stock and real estate markets. The authorities also pledged measures to boost wages and address the country’s declining birth rate, Bloomberg reports.
Goldman Sachs reduced its 2025 oil price forecast. The bank's decision follows Donald Trump's tariff policy and its impact on the US economy, as well as OPEC+ plans to start unwinding its output cuts, starting from April.
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