Oil prices fell for the first time in three weeks, with expectations mounting that OPEC+ will raise production in July, Bloomberg reported.
Oil markets ended the week lower, with Brent crude dipping near $64 a barrel and U.S. West Texas Intermediate (WTI) falling below $61. Bloomberg attributes the decline to signals that OPEC+ may approve a production increase of 411,000 barrels per day at its upcoming 1 June meeting.
The potential supply boost comes amid ongoing concerns about a global surplus and weakening demand, particularly as commercial stockpiles in the U.S. continue to rise. Brent and WTI have both lost roughly 2% this week, marking oil’s first weekly drop in nearly a month.
Analysts surveyed by Bloomberg expect OPEC+ to maintain its recent shift toward prioritising market share over prices, after easing output cuts faster than anticipated earlier this year. Oil prices have already fallen around 14% since January, touching their lowest levels since 2021.
Geopolitical uncertainty remains a factor. Talks between Iran and the U.S. over Tehran’s nuclear programme continue, while tensions flared midweek over reports that Israel may target Iranian facilities. Meanwhile, the EU is considering lowering its price cap on Russian crude from $60 to $50 a barrel, citing reduced market impact from the current limit.
Oil prices rose on Tuesday, with analysts saying that uncertainty would keep prices elevated, even as there were no concrete signs of any production losses stemming from the Iran-Israel conflict.
Kazakh President Kassym-Jomart Tokayev held a meeting to address the worsening global market situation amid the collapse of energy and commodity prices on global markets due to tariff conflicts, the presidential press service said.
Oil prices slid on Monday as investors weighed the potential impact of ceasefire discussions between Russia and Ukraine, which could lead to an increase in Russian oil entering global markets.
Azerbaijani Press Council members met with Turkish diplomats in Baku to discuss expanding media ties and addressing challenges in bilateral coverage.
Senior officials from the United States and Georgia met in Tbilisi to review bilateral relations and regional security amid ongoing diplomatic discussions.
U.S. President Donald Trump warned Tuesday that the U.S. knows “exactly” where Iranian Supreme Leader Ali Khamenei is located, adding that he is “safe for now” but stressing that Washington’s “patience is wearing thin.”
U.S. President Donald Trump on Tuesday declared on social media that Iran must offer “unconditional surrender.”
Uzbekistan and China have reaffirmed their strategic partnership with fresh momentum, agreeing to fast-track major infrastructure and investment projects including the China–Kyrgyzstan–Uzbekistan railway.
Pakistan will begin its first freight train service to Russia from Lahore on June 22. The route is part of the INSTC and aims to connect Pakistan's rail network with Central Asia, establishing a new trade corridor via Iran, Turkmenistan, and Kazakhstan.
Peace is no longer a dream. It is a discussion. On the streets of Baku and Yerevan, it is also a question, of trust, of foreign interests, and of who truly wants it.
Israeli strikes have reportedly targeted areas near the residences of Iran’s Supreme Leader Ayatollah Ali Khamenei and President Masoud Pezeshkian, according to the New York Times, citing local witnesses.
Azerbaijan Airlines (AZAL) has cancelled certain flights scheduled for 13th and 14th June amid recent escalation of situation in the Middle East and the closure of airspace in several countries for security reasons.
The Israeli military has issued an evacuation advisory for Iranian civilians living near weapons production sites and associated infrastructure within Iran. The message was shared on the social media platform X in both Arabic and Farsi by an official military spokesperson.
Los Angeles businesses report significant losses as immigration raids prompt many workers and customers to stay home, raising concerns over broader economic effects.
Global oil demand will continue rising until around 2030, even as China’s consumption peaks in 2027, driven by low U.S. gasoline prices and slower EV adoption, the International Energy Agency (IEA) said on Tuesday.
Oil prices rose on Tuesday, with analysts saying that uncertainty would keep prices elevated, even as there were no concrete signs of any production losses stemming from the Iran-Israel conflict.
Central banks around the world expect their gold holdings as a proportion of their reserves to increase over the next five years while expecting their dollar reserves to be lower, a survey by the World Gold Council (WGC) showed.
Donald Trump's media company has filed for a Bitcoin and Ethereum exchange-traded fund (ETF), prompting fresh concerns over potential conflicts of interest as the U.S. President remains active in both politics and cryptocurrency ventures.
Azerbaijani Press Council members met with Turkish diplomats in Baku to discuss expanding media ties and addressing challenges in bilateral coverage.
Senior officials from the United States and Georgia met in Tbilisi to review bilateral relations and regional security amid ongoing diplomatic discussions.
U.S. President Donald Trump warned Tuesday that the U.S. knows “exactly” where Iranian Supreme Leader Ali Khamenei is located, adding that he is “safe for now” but stressing that Washington’s “patience is wearing thin.”
U.S. President Donald Trump on Tuesday declared on social media that Iran must offer “unconditional surrender.”
Uzbekistan and China have reaffirmed their strategic partnership with fresh momentum, agreeing to fast-track major infrastructure and investment projects including the China–Kyrgyzstan–Uzbekistan railway.
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