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.
Both benchmarks had settled higher on Friday, marking a second consecutive weekly gain as fresh U.S. sanctions on Iran and the latest output plan from the OPEC+ alliance raised expectations of tighter supply. However, optimism was tempered by the ongoing ceasefire talks that have investors bracing for a potential surge in Russian exports if negotiations bear fruit.
A U.S. delegation is set to meet with Russian officials on Monday in an effort to advance discussions toward a Black Sea ceasefire and a broader cessation of hostilities in the Russia-Ukraine war, following talks with Ukrainian diplomats on Sunday. Analysts noted that expectations of progress in peace negotiations, along with the possibility of easing U.S. sanctions on Russian oil, weighed on prices.
“Expectations of progress in peace negotiations between Russia and Ukraine and a potential easing of U.S. sanctions on Russian oil pressured prices lower,” said Toshitaka Tazawa, an analyst at Fujitomi Securities. He added that investors remain cautious, holding back on large positions as they assess future OPEC+ production trends beyond April.
OPEC+—the group comprising the Organization of the Petroleum Exporting Countries and allies including Russia—recently issued a new schedule requiring seven member nations to implement further output cuts to offset excess production. This move is expected to more than offset planned monthly production hikes from the group starting next month. Singapore-based IG strategist Yeap Jun Rong observed, “Ukraine-Russia ceasefire talks raise the prospects of increased Russian exports on an eventual resolution, while the OPEC+ production hike as early as April points to further supply additions, which may be difficult to be fully absorbed by demand factors.”
Since 2022, OPEC+ has been cutting output by 5.85 million barrels per day—roughly 5.7% of global supply—to support market stability. On March 3, the group confirmed that eight of its members would proceed with a monthly increase of 138,000 barrels per day from April, citing stronger market fundamentals.
Market participants are also monitoring the impact of new U.S. sanctions on Iran announced last week. While these sanctions have heightened supply risks for Iranian oil, leading to an expected near-term decline in shipments to China and increased shipping costs, some traders anticipate that buyers will find workarounds to maintain at least partial volume flows.
As geopolitical developments continue to influence supply and demand dynamics, investors remain vigilant, balancing the potential for increased Russian oil exports against the backdrop of broader market uncertainties.
The Trump administration has given immigration officers wider powers to detain legal refugees awaiting green cards, ordering their return to custody f...
Giorgi Bachiashvili, the former head of the Co-Investment Fund founded by former Georgian Prime Minister Bidzina Ivanishvili, has been released from p...
Peruvian lawmakers elected Jose Balcazar as the country's new interim president on Wednesday (18 February) ahead of general elections in April....
The Telegram messaging app has dismissed allegations by the Russian government that its encryption has been breached by foreign intelligence services ...
A South Korean court on Thursday sentenced ex-President Yoon Suk Yeol to life in prison for leading a failed 2024 martial law insurrection, making him...
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.
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.
Oil prices edged higher on Friday, heading for a small weekly loss, as investors weighed new European Union sanctions against Russia.
Oil prices climbed on Wednesday, maintaining their highest levels since 23 June, lifted by recent attacks on shipping in the Red Sea, along with concerns over steep U.S. tariffs on copper and a forecast for lower U.S. oil production.
The drumbeats have finally faded at the Marquês de Sapucaí, bringing the competitive phase of the Rio Carnival 2026 to a dazzling close. Over two marathon nights of spectacle, the twelve elite schools of the "Special Group" transformed the Sambadrome into a riot of colour.
Peru’s Congress has voted to censure and remove José Enrique Jeri Ore from his posts as President of Congress and acting President of the Republic, just four months into his tenure, citing undisclosed meetings with Chinese businessmen and alleged hiring irregularities.
France celebrated Olympic gold in the men’s biathlon relay in Anterselva on Tuesday (17 February), following a thrilling race marked by an electric atmosphere at the stadium.
Qarabağ FK are facing Newcastle United in the UEFA Champions League play-off round on Wednesday evening in Baku, in what will be the first UEFA competition meeting between the two clubs.
Iranian officials say more than 300 undocumented Afghan migrants have been rescued after being stranded in cold and rain near the border district of Taybad, in the northeastern Razavi Khorasan province.
The Trump administration has given immigration officers wider powers to detain legal refugees awaiting green cards, ordering their return to custody for renewed vetting one year after entering the U.S.
Peruvian lawmakers elected Jose Balcazar as the country's new interim president on Wednesday (18 February) ahead of general elections in April.
The Telegram messaging app has dismissed allegations by the Russian government that its encryption has been breached by foreign intelligence services saying that it's not found any breaches of its encryption.
A South Korean court on Thursday sentenced ex-President Yoon Suk Yeol to life in prison for leading a failed 2024 martial law insurrection, making him the first elected leader in the country’s democratic era to receive the maximum sentence.
Russian President Vladimir Putin met Cuban Foreign Minister Bruno Rodriguez in the Kremlin on Wednesday, telling him that new restrictions imposed on the communist-run island were unacceptable.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment