Oil prices fell below the key $70 per barrel mark last week as increased output from OPEC+ eased supply concerns, while renewed U.S. tariff threats under President Donald Trump weighed on global demand expectations.
Brent crude settled at $68.60 per barrel on Friday, down 2% for the week, while West Texas Intermediate fell 2.3% to $66. Increased production from OPEC+ was a major factor, with the group’s June output rising by 220,000 barrels per day to 27.023 million bpd. The wider OPEC+ alliance raised production by 349,000 bpd to 41.56 million bpd.
OPEC maintained its 2025 demand forecast of 105.13 million bpd, expecting a 1.3 million bpd increase this year. However, analysts warn that stable demand alongside rising supply has deepened fears of a surplus, putting downward pressure on prices.
The mood was further affected after President Trump announced new 30% tariffs on all imports from the European Union, escalating trade tensions. The tariffs take effect on 1 August and add to existing sector-specific duties.
Neil Crosby, senior oil analyst at Sparta, said that macroeconomic concerns such as high U.S. inflation and trade frictions are weighing on prices. He expects oil to hover around the $70 mark unless more drastic events occur, noting geopolitical risks in Iran could push prices higher.
Osama Rizvi from Primary Vision noted that OPEC+ is producing above its quota by 830,000 bpd, while U.S. supply remains strong despite lower prices. Demand remains weak, as shown by rising U.S. distillate stockpiles during the summer driving season. He forecasts prices will stay mostly between $66 and $68 for the rest of the year.
Palash Jain, Middle East oil market expert at Facts Global Energy, said prices will continue to fluctuate within the $66 to $70 range. Although market fundamentals suggest upward pressure, Trump’s tariff threats keep a lid on any sharp price rises.
Russia published addresses of manufacturers allegedly producing drones or components for Ukraine on Wednesday (15 Apr...
U.S. President Donald Trump says Israeli and Lebanese leaders have agreed to a 10-day ceasefire that includes Hezbollah, raising cautious hopes of ...
The U.S. House of Representatives has narrowly voted to block an effort to rein in Donald Trump’s authority to conduct military operations ag...
Georgia’s parliament has approved fast-tracked amendments to the Law on Grants, introducing new exemptions and ...
RRussian Foreign Minister Sergey Lavrov’s visit to Beijing is placing China’s diplomacy under closer scrutiny, as it balances its partn...
Rising living and fuel costs are dampening spending during Thailand’s Songkran festival, traditionally one of the country’s busiest holiday periods, as consumers and vendors scale back celebrations.
The head of a body representing global airlines said on Wednesday that even if Iran reopened the Strait of Hormuz it would take months for jet fuel supply to recover given disruptions to Middle East refining capacity.
President Donald Trump said the United States could end its military attacks on Iran within two to three weeks and Tehran did not have to make a deal as a prerequisite for the conflict to wind down.
Oil prices rose on Monday after the United States clinched a trade deal with the European Union and may extend a tariff pause with China, relieving concerns that higher levies could have hurt economic activity and limited fuel demand.
Dubai’s most iconic hotel, the Burj Al Arab, is set to close for the first time since opening in 1999 as it begins an extensive 18-month refurbishment aimed at preserving its status as a global symbol of luxury.
The U.S. and Iran could resume peace talks over the next couple of days, U.S. President Donald Trump has said. Talks between Israel and Lebanon were held in Washington yesterday. Fuel prices have dropped below $100 a barrel. U.S. blockade on Iranian ports completes first day.
Azerbaijan and Russia have announced a formal settlement over the 2024 crash of an Azerbaijan Airlines (AZAL) Embraer 190 near Aktau, confirming that all outstanding issues, including compensation, have been resolved.
U.S. President Donald Trump said on Thursday that there was a "good chance" of a peace deal between Lebanon and Israel happening soon, after he announced a 10-day ceasefire between the two countries.
Türkiye is reeling after a second school shooting in as many days, after a 14-year-old student killed nine people - eight pupils and one teacher - and wounded 13 others at a middle school in the south-eastern province of Kahramanmaraş on Wednesday, officials said.
The Middle East crisis is reshaping transport choices worldwide, turning electric vehicles from a long-term climate goal into an immediate economic calculation.
China’s export growth slowed sharply in March, as the fallout from the Middle East conflict pushed up energy and shipping costs, weakening global demand and exposing risks in Beijing’s reliance on manufacturing to drive growth.
A French fashion label is placing China at the heart of its global ambitions, choosing Shanghai for its worldwide debut in a move that shows growing confidence in the country’s consumer market and cultural influence.
Walt Disney is planning to cut up to 1,000 jobs in the coming weeks, with many of the reductions expected to affect its marketing division, The Wall Street Journal reported on Wednesday, citing sources familiar with the plans.
Major automakers showcased new electric vehicles at the New York Auto Show this week, under the slogan “electrification is the future." However, weakening demand in the United States and intense competition with China are raising questions for markets across the globe, including the South Caucasus.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment