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 the Baker Hughes’ report, US energy companies increased their number of gas platforms as of July 18. The count rose by 9 to 117.
As part of an expanded export program, Iraq plans to increase its supply of Basrah Medium oil to the global market by 17–18 million barrels next month. This indicates an uptick in production by OPEC+ countries.
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 NG, WTI, Brent.
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
The European Union has approved its eighteenth package of sanctions against Russia, introducing new restrictions on oil exports. The measures include implementing a dynamic price ceiling for Russian oil, set $15 below market value with reviews conducted at least twice annually.
Goldman Sachs warns that the era of rapid US oil production growth is ending, citing both the maturing Permian Basin and declining crude prices. The bank expects US output to fall this year and next as domestic producers, highly sensitive to price changes, pull back.
Saudi Arabia's seaborne oil exports remain high in July, following a sharp production increase in June amid rising geopolitical tensions. The country's total crude flows averaged 6.43 million barrels per day (bpd) in the first half of the month. This is the highest level in 16 months.
On Friday, concerns about reduced oil supplies from Iraq gave way to worries about a potential decline in energy demand due to uncertainty surrounding US tariff policy, as reported by Reuters. Consequently, oil prices changed little after rising in the previous session.
In the first half of 2025, oil supplies from Russia to India rose to 1.75 million bpd, up 1% year-on-year. Two major private refiners, Reliance Industries and Nayara Energy, were the main buyers of this crude.
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