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.
According to Bloomberg, the UK could cover 50% of its oil and gas needs from domestic production by 2050 if the government implements appropriate policies. North Sea operators currently plan to extract 4 billion barrels of oil equivalent.
OPEC+ will increase production by 135,000 barrels per day, marking the second consecutive monthly increase. This move is part of a gradual cancellation of the production cuts implemented since 2022. Reuters reports on this strategy.
Analysts at Goldman Sachs report that for every $10 decline in Brent crude prices, production growth in non-OPEC+ countries slows by approximately 0.3 million barrels per day annually.
Oil prices barely changed on Tuesday after US President Donald Trump announced his intention to impose duties on countries buying oil and gas from Venezuela, Reuters reports.
According to data analyzed by Raymond James, this year will see the highest amount of new oil supply in a decade that will reach almost 3 million barrels per day. THowever, this scenario is only possible if oil prices recover.
According to Iraq's oil ministry undersecretary, the country intends to boost oil production to over 6 million barrels per day by 2029. He believes such a goal can be achieved through oil exploration and drilling activity.
Oil prices remain stable at the beginning of the week as traders assess the impact of higher US tariffs and the upcoming increase in OPEC+ oil production. Brent oil traded above $72 per barrel after a 2.2% increase last week, and WTI was near $68. This is reported by Bloomberg.
An increase of the indicator value may contribute to the rise in quotes of WTI, Brent.
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
An increase of the indicator value may contribute to the fall in quotes of NG, WTI, Brent.
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.
