Latest news with #EnesTunagur
Zawya
16 hours ago
- Business
- Zawya
World oil market looks well supplied in 2025, IEA says
LONDON- The world oil market looks well supplied this year in the absence of a major disruption, the International Energy Agency said on Tuesday, as it raised its forecast for supply growth while trimming that for demand. In a monthly report, the IEA said world oil demand will rise by 720,000 barrels per day this year, down 20,000 bpd from last month's forecast, while supply will increase by 1.8 million bpd, up 200,000 bpd from last month's estimate. "In the absence of a major disruption, oil markets in 2025 look well supplied," the agency said in a commentary on the market impact of Iran's conflict with Israel. (Reporting by Alex Lawler and Enes Tunagur, Editing by Barbara Lewis)
Ya Libnan
21-05-2025
- Business
- Ya Libnan
Oil prices jump more than 1% over concern that Israel may soon attack Iran's nuclear facilities
By Enes Tunagur LONDON, May 21 (Reuters) – Oil prices rose more than 1% on Wednesday after reports that Israel could be preparing to strike Iranian nuclear facilities raised fears of a supply disruption in the Middle East. Brent futures rose 79 cents, or 1.2%, to $66.17 a barrel by 1018 GMT. U.S. West Texas Intermediate crude jumped 82 cents, or 1.3%, to $62.85. U.S. intelligence suggests that Israel is preparing to strike Iranian nuclear facilities , CNN reported on Tuesday, citing multiple U.S. officials. It was not clear whether Israeli leaders have made a final decision, CNN added, citing the officials. 'Such an escalation would not only put Iranian supply at risk, but also (put supply at risk) in large parts of the broader region,' ING commodities strategists said. Considering Iran exports more than 1.5 million barrels per day (bpd), fears of supply disruptions have helped to drive prices higher, said UBS analyst Giovanni Staunovo. Iran is the third-largest producer among the members of the Organization of the Petroleum Exporting Countries (OPEC) and an Israeli attack could upset flows from the country. There are also concerns that Iran could retaliate by blocking oil tanker flows through the Strait of Hormuz, through which Saudi Arabia, Kuwait, Iraq and the United Arab Emirates export crude oil and fuel. The U.S. and Iran have held several rounds of talks this year over Iran's nuclear program while U.S. President Donald Trump has revived a campaign of stronger sanctions on Iranian crude exports. Despite the discussions, U.S. officials and the Iranian Supreme Leader Ayatollah Ali Khamenei made comments on Tuesday indicating both sides remain far from a resolution. However, there were some signs of improving crude supply. U.S. crude oil stocks rose last week while gasoline and distillate inventories fell, market sources said, citing American Petroleum Institute figures on Tuesday. Investors will also assess U.S. oil stock data from the Energy Information Administration later on Wednesday. Kazakhstan's oil production, meanwhile, has risen by 2% in May, an industry source said on Tuesday, defying OPEC+ pressure to reduce output. Reuters
Yahoo
25-04-2025
- Business
- Yahoo
Oil set for weekly fall under supply pressure
By Enes Tunagur LONDON (Reuters) -Oil prices were set for a weekly decline of nearly 2% on the back of oversupply concerns and uncertainty around tariff talks between the U.S. and China. Brent crude futures fell 2 cents to $66.53 a barrel by 0814 GMT, falling 2.2% on the week. U.S. West Texas Intermediate (WTI) crude rose 2 cents to $62.81 a barrel, having declined 3% for the week. "On a weekly basis ... prices are down as concerns over oversupply from OPEC+ persist, while the demand outlook remains uncertain amid ongoing trade tensions. A stronger U.S. dollar has also added pressure to crude prices," LSEG senior analyst Anh Pham said. Oil erased earlier gains after a spokesperson from China's foreign ministry said China and the United States were not having any consultations or negotiations on tariffs. That contradicted earlier comments by U.S. President Donald Trump, who said on Thursday trade talks between the U.S. and China were underway. China is considering exempting some U.S. imports from its 125% tariffs and is asking businesses to provide lists of goods that could be eligible in the biggest sign yet of Beijing's concerns about the economic fallout from the trade war. China hiked its tariffs after Trump announced higher levies on Chinese goods. Oil prices tumbled earlier this month after the tariffs sparked concern about global demand and a sell-off in financial markets. Worries are growing about excess supply. Several OPEC+ members had suggested the group accelerate oil output increases for a second month in June, Reuters reported earlier this week. The United States and Russia are moving in the right direction to end the war in Ukraine, but some specific elements of a deal remain to be agreed, Russian Foreign Minister Sergey Lavrov said in an interview with CBS News. A halt to Russia's war in Ukraine and the easing of sanctions could allow more Russian oil to flow to global markets. Russia, a member of the OPEC+ group that includes the Organization of the Petroleum Exporting Countries, is one of the world's biggest oil producers along with the U.S. and Saudi Arabia.
