Tag: Oil

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.

Oil prices edged higher on Wednesday as concerns about tighter global supply grew following the U.S. threat of tariffs on nations buying Venezuelan crude, along with a larger-than-expected drop in U.S. crude inventories.

Trade of Venezuelan oil to top buyer China stalled on Tuesday after U.S. President Donald Trump’s order threatening tariffs on countries buying from Caracas created fresh uncertainty, days after U.S. sanctions targeting China’s imports from Iran.

Iranian oil shipments into China are set to fall in the near-term after new U.S. sanctions on a refiner and tankers, driving up shipping costs, but traders said they expect buyers to find workarounds to keep at least some volumes flowing.

Russia’s oil exports remained near a four-month high ahead of talks between President Vladimir Putin and US counterpart Donald Trump aimed at bringing a halt to the war in Ukraine.

Oil advanced as the US tightened sanctions against Iran and Russia, countering some of the slump triggered by a dour demand forecast from the International Energy Agency on Thursday.

Oil prices extended losses on Tuesday following reports that OPEC+ will proceed with a planned output increase in April and as U.S. tariffs on Canada, Mexico and China came into effect, as well as Beijing’s retaliatory tariffs.

Oil futures are higher for the week, with cold U.S. weather serving to lift both natural gas and crude.

Analysts at ING noted the North Dakota Pipeline Authority said that oil production is down between 120,000 to 150,000 barrels a day, while natural gas production has also taken a hit as a result of the extreme cold temperatures. These disruptions will likely last until the weekend when warmer weather is forecast in the region, the analysts said.

Oil futures rose Wednesday, finding support on curtailed supply from Russia as traders also monitor talks aimed at ending the war in Ukraine.

Oil futures were lifted Tuesday, finding support after a drone attack by Ukraine on a pipeline carrying crude from Kazakhstan across southern Russia curtailed flows.

Oil rose after US Treasury Secretary Scott Bessent said the Trump administration remains committed to reducing Iran’s oil exports.