Donald Trump's tariff policies could seriously damage the US oil industry. Drillers cut the number of active oil rigs last week to 583. Meanwhile, major companies are reassessing high-cost projects.
17 April
Oil market News
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Oil prices edged higher Monday following President Trump's threat to impose 25% tariffs on buyers of Russian crude. However, the gains remained modest as traders weighed the likelihood of actual imposition, Reuters reported.
31 March
Saudi Arabia may cut oil prices for Asian buyers in May – Reuters
Saudi Arabia is considering lowering oil prices for Asian customers in May, Reuters reports, referring to results of a survey conducted among oil refining companies in the region.
31 March
Oil eases despite Trump warning of tariffs on buyers of Russian energy
Reuters reports that oil prices ease on Monday despite warnings from US President Donald Trump about possible tariffs on countries that buy Russian crude.
31 March
An increase of the indicator value may contribute to the rise in quotes of WTI, Brent.
28 March
A decrease of the indicator value may contribute to the rise in quotes of NG, WTI, Brent.
28 March
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
28 March
Oil production growth in the US Permian Basin has hit its slowest pace since the COVID-19 pandemic, according to Reuters. Companies are extracting more water and gas per barrel, raising development costs and signaling that America may be approaching peak production levels.
28 March
Venezuelan oil shipments to China grow amid intensifying pressure from US
According to Bloomberg calculations based on preliminary data on ship movements, Venezuela has increased oil exports to China to the highest level in almost two years amid growing pressure exerted on the country by the United States.
28 March
On Friday, oil is holding near a one-month high. Prices are expected to rise for a third consecutive week, driven by concerns over tighter global supplies due to new US restrictions on Iran and the imposition of 25% tariffs against countries that buy oil and gas from Venezuela.
28 March
Iraq gives BP final approval to produce oil in Kirkuk
British company BP has received final approval from the Iraqi government to develop huge oil fields in Kirkuk. The deal will be based on a profit-sharing model, and will last for more than 25 years. BP plans to invest about $25 billion in the project to produce around 3 billion barrels of oil.
27 March
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.
