Oil prices are under significant pressure, plunging to levels not seen in almost four years. This market downturn reflects growing concerns over a potential global recession that could drastically reduce demand for energy resources. Amid this uncertainty, the U.S. Energy Information Administration (EIA) has announced a delay in the release of its April edition of the Short-Term Energy Outlook (STEO) report.  

Recent days have brought considerable volatility to the global oil market, which has witnessed a significant decline in oil prices following unforeseen events. Decisions made by President Donald Trump and unexpected changes in production from OPEC+ created a double shock that swiftly altered the energy landscape.

Thursday brought unexpected developments in the global financial market, as eight countries from the OPEC+ alliance decided to hasten their plans to increase oil production. Instead of gradually phasing out production cuts, they chose to ramp up output by 411,000 barrels per day starting in May. This decision has notably impacted oil prices, triggering a sharp decline.

The futures prices for WTI crude oil (West Texas Intermediate) saw a decline during the American trading session on Monday. This drop was driven by increasing concerns regarding oil demand and other factors that could pressure the market.