Tag: Oil

OPEC+ oil producers are set to approve another big output boost for September as they complete both the unwinding of voluntary production cuts by eight members and the United Arab Emirates’ move to a larger quota, five sources said.

Gasoline prices are on track to hit their lowest level since 2021 heading into the July Fourth holiday.

Oil prices extended losses on Tuesday to hit a two-week low on what the market viewed as lower risk of supply disruptions in the Middle East, though U.S. President Donald Trump accused both Israel and Iran of violating a ceasefire he helped to broker.

Oil prices touched a five-month high before paring gains on Monday as oil and gas transit continued on tankers from the Middle East after U.S. airstrikes against Iran at the weekend.

Global oil demand will keep growing until around the end of this decade despite peaking in top importer China in 2027, as cheaper gasoline and slower electric vehicle adoption in the United States support consumption, the International Energy Agency said on Tuesday.

OPEC said on Monday it expected the global economy to remain resilient in the second half of this year despite concerns about trade conflicts and trimmed its forecast for growth in oil supply from producers outside the wider OPEC+ group in 2026.

Oil prices jumped over $5 on Friday to multi-month highs after Israel launched strikes against Iran, sparking Iranian retaliation and raising worries about a disruption in Middle East oil supplies.

Oil prices rose to a seven-week high on Wednesday as markets assessed the outcome of U.S.-China trade negotiations, while pessimism over U.S.-Iran nuclear talks also provided support.

The European Commission is to propose lowering the Russian oil price cap and banning the use of Nord Stream infrastructure as part of a fresh round of sanctions against Moscow, the Financial Times reported on Tuesday.

The largest group of oil-producing nations agreed over the weekend to sharply increase crude production for the third month in a row, a move intended to reassert control over the market by driving oil prices lower.

Eight oil-producing nations of the OPEC+ alliance could hike output by as much as 411,000 barrels per day in July, two OPEC+ delegates told CNBC, continuing a rapid unwinding of voluntary production cuts.

President Donald Trump on Sunday indicated there was progress with Iran on its nuclear program and hinted that an announcement could come in the “next two days.”

Oil prices fell further Thursday on renewed oversupply concerns, following a report suggesting that a group of top producers was considering raising output levels once more.

OPEC on Wednesday trimmed its forecast for growth in oil supply from the United States and other producers outside the wider OPEC+ group this year and said it expected lower capital spending following a decline in oil prices.

U.S. crude oil futures fell more than 1% on Monday, after OPEC+ agreed to surge production for a second month.

Oil prices fell on Thursday, extending a steep decline the previous session due to signs that Saudi Arabia, the world’s largest crude exporter, could raise production and data showing a contraction in the U.S. economy, the world’s top oil consumer.

Global oil demand will grow much more slowly than expected this year and U.S. production increases will also taper off, due to U.S. President Donald Trump’s tariffs on trading partners and their retaliatory moves, the International Energy Agency said.

OPEC cut its 2025 global oil demand growth forecast on Monday for the first time since December, citing the impact of data received for the first quarter and trade tariffs announced by the United States.

Oil prices slumped to four-year lows Wednesday after China announced additional tariff measures on U.S. goods, ramping up the trade war between the two largest economies in the world.

Oil prices plunged by 8% on Friday, heading for their lowest close since the midst of the coronavirus pandemic in 2021, as China hit back in an escalating global trade war with the U.S. after President Donald Trump’s barrage of levies this week.