Oil prices declined on Thursday following reports of increased gasoline and distillate inventories in the United States, combined with Saudi Arabia’s decision to reduce crude oil prices for Asian customers in July. These developments occurred against the backdrop of persistent global economic uncertainty, which continues to weigh on energy demand forecasts. Brent crude futures fell by $0.14, or 0.2%, to $64.72 per barrel, while West Texas Intermediate (WTI) futures in the US declined by $0.24, or 0.4%, to $62.61 per barrel as of 05:00 GMT.
The Paris-based International Energy Agency (IEA) has recently cut down its expectations for the growth in global oil demand. Their latest projection now anticipates an increase of merely 650,000 barrels per day (bpd) by the end of 2025. This is a marked slowdown from prior estimates, reflecting multiple economic pressures and the swift adoption of electric vehicles worldwide.
Sinopec $600028.SS, Asia's largest oil refiner, has resumed buying Russian crude oil following a brief pause. The decision to restart imports came after a comprehensive assessment of risks associated with the latest wave of U.S. sanctions impacting Russian energy entities. The move reflects ongoing market volatility, as both supply chains and strategy decisions by leading players are increasingly shaped by a complex regulatory environment.
The oil market remains volatile as recent price declines highlight the impact of geopolitical and economic factors. A drop of more than 1.5% on Monday has intensified concerns over potential US tariffs on goods from international trading partners, factors that could ultimately hinder global fuel demand growth.
Asian governments are devising a new strategy in the energy sector that focuses on increasing purchases of American oil and gas. This shift in policy aims to reduce the significant trade surplus with the United States, which has been exacerbated by high tariffs imposed under the previous U.S. administration. As major importers of energy resources, many Asian nations are re-evaluating their trade practices to create a more balanced economic relationship with one of the world’s largest energy exporters.
The Organization of the Petroleum Exporting Countries (OPEC) has issued a downward revision to its forecast for global oil demand in 2025. According to the organization's latest monthly bulletin, the expected increase in global consumption is now projected at 1.3 million barrels per day, a reduction of 150,000 barrels per day from previous estimates.
The global oil market is currently grappling with significant volatility, driven by the ongoing trade conflict between the United States and China. Concerns over declining economic growth and falling crude oil demand are weighing on prices, impacting major benchmarks as well as regional markets. This article offers an in-depth review of external factors affecting oil prices, analyzes the latest data, and provides an expert assessment of the evolving situation.
Recent developments in the oil and gas sector have once again captured the attention of market experts. ConocoPhillips is considering the sale of oil and gas assets in Oklahoma that the company inherited following its acquisition of Marathon Oil last year for USD 22.5 billion. This move is part of a broader strategy aimed at optimizing its asset portfolio and enhancing operational efficiency against a backdrop of a rapidly evolving market.
Recent policy shifts in the U.S. energy sector have raised significant geopolitical and economic questions. President Donald Trump's new decree imposes a 25% tariff on any country purchasing oil or gas from Venezuela, while also extending the grace period that allows Chevron to operate in the South American nation. This article examines the key provisions of the decree, its potential effects on financial markets, and the broader implications for the international energy trade.
