On Wednesday, senior officials from the three leading OPEC producing countries—Saudi Arabia, the United Arab Emirates, and Kuwait—said the production increases delivered by the alliance were necessary.
Today at 8:13 AM
Oil market News
Categories
Oil imports in Asia increased in the first half of 2025, driven by a sharp rise in June shipments, despite a weak start to the year. The region's fuel imports averaged 27.36 million barrels per day in the first six months of the year, up 620,000 barrels per day year-over-year.
26 June
Trump administration announced auction for oil and gas drilling licenses in Gulf of Mexico
The Trump administration has announced plans to auction off oil and gas drilling licenses across more than 320,000 square kilometers in the Gulf of Mexico. Set for December 10, the sale will include both shallow-water and deepwater tracts.
26 June
Russia open to further oil output hikes as part of OPEC+ strategy — Bloomberg
According to Bloomberg, Russia is open to increasing oil production at the next OPEC+ meeting if the alliance deems it necessary, as reported by a source familiar with the country's position. The eight members of the organization may consider another production hike for August.
26 June
According to Bloomberg, oil prices held their earlier gains on Thursday. The news agency attributes this trend to US President Donald Trump's statement about continuing pressure on the Iran oil industry and a government report showing a significant decline in domestic crude inventories.
26 June
US crude inventories decline as fuel demand rises
US crude oil and fuel inventories declined by 5.8 million barrels to 415.1 million barrels in the week ending June 15, as refining activity and fuel demand rose, the Energy Information Administration (EIA) reported.
26 June
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
25 June
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
25 June
The moderate oil price swings during the Middle East conflict may be explained by multiple factors, including the development of alternative export routes and the Middle East’s declining share of global crude supplies.
25 June
S&P Global forecast record volumes of oil sand production in Canada this year
According to the latest outlook presented by S&P Global Commodity Insights this Tuesday, the volume of oil sand production in Canada this year will reach a new high at 3.5 million barrels per day (+5% compared to the previous year).
25 June
Oil prices rebound after sharpest two-day drop since 2022
On Wednesday, oil prices climbed up, recovering from their sharpest two-day dip since 2022. According to Bloomberg, this shift in market sentiment followed a reassessment of geopolitical risks and a new industry report showing a decline in US fuel stockpiles.
25 June
News on oil prices is not just information for specialists. This is an important signal for every experienced trader. This section of the website will help you understand when there’s a "Strong buy" signal for oil and when it is a "Strong sell" signal.
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.
What determines oil prices?
- Global events. Political crises, conflicts, and agreements between producing countries have a huge impact on oil prices.
- Supply and demand. When many consumers try to buy oil that is in deficit – the prices go up. Otherwise, when supply is greater than demand, the prices go down.
- Russia and Saudi Arabia. These countries are among the leading oil producers. Their decisions on oil output have a direct impact on the global market.
- OPEC. This is a group of oil-producing countries. Their agreements on production cuts are aided at stabilizing prices.
- Alternative energy sources. The development of solar, wind, and other power stations can weaken the countries' dependence on oil and put pressure on its prices.
- Electric cars. The increasing popularity of electric cars reduces the need for gasoline and, consequently, for crude oil.
- Global tensions. Oil is a strategic resource. Geopolitical events can affect its production and prices.
- Environmental constraints. Rising environmental awareness may reduce demand for oil, affecting its price.
Why follow the latest oil news?
- To make informed investment decisions. Being aware of the oil industry news helps you make conscious choices.
- To assess the impact on the economy. Oil prices can affect inflation, economic growth, and even our wages.
