Bloomberg: oil producers are concerned about future of industry due to Donald Trump's policies

According to Bloomberg, 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.

As Bloomberg highlights, the oil industry is shaped by factors such as crude production levels, production costs, and the geopolitical landscape. All of these elements are reflected in oil prices.

Since late 2023, Brent oil price has been steadily declining from the level of $100 per barrel. Currently, market participants are maintaining a bearish stance on oil prices. This is primarily due to a sharp increase in supply and OPEC+ production. Following the alliance's announcement to ease oil output restrictions, Brent fell below $70 per barrel.

According to experts of the agency, the appointment of Chris Wright to the post of the US Minister of Energy will not improve the situation with oil prices. The official will follow the instructions of the White House and will not listen to the requests of the industry representatives.