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Jordan News
3 days ago
- Business
- Jordan News
Stability in Global Oil Prices - Jordan News
Oil prices remained steady on Wednesday as concerns over a potential increase in output by the OPEC+ group were balanced by a decline in Canadian supply due to wildfires, amid ongoing global trade tensions. اضافة اعلان Brent crude futures fell by 18 cents, or about 0.3%, to $65.45 per barrel by 09:05 GMT, while U.S. West Texas Intermediate (WTI) crude dropped 19 cents to $63.22 per barrel. Janiv Shah, Vice President of Oil Market Analysis at Rystad Energy, noted that the market decline was driven by the anticipated easing of 411,000 barrels per day in OPEC+ cuts starting in July, despite some relative support from the halt of 344,000 barrels per day in Canadian production due to the wildfires. Both crude benchmarks had climbed about 2% on Tuesday, reaching their highest levels in two weeks, amid concerns about supply disruptions and expectations that Iran would reject a U.S. nuclear deal proposal, potentially delaying the lifting of sanctions on one of the key producers. Amarpreet Singh, an analyst at Barclays Bank, said, 'Geopolitical tensions continue to simmer in the background, pushing underlying risks to the upside, with Russian and Iranian oil exports remaining elevated.' In related news, U.S. President Donald Trump and Chinese President Xi Jinping are expected to speak this week, just days after Trump accused China of violating agreements to reduce tariffs and trade barriers. Additionally, the Organisation for Economic Co-operation and Development (OECD) lowered its global growth forecast on Tuesday due to the growing impact of Trump's trade war on the U.S. economy. – Reuters
Business Recorder
3 days ago
- Business
- Business Recorder
Oil steady as OPEC+ ups output while wildfires curb Canadian supply
LONDON: Oil prices held steady on Wednesday amid global trade tensions and as ongoing OPEC+ output increases were offset by a hit to Canadian supply from wildfires. Brent crude futures inched 7 cents higher, rising 0.1%, to $65.70 a barrel by 1034 GMT. U.S. West Texas Intermediate crude was 3 cents higher, up around 0.1%, at $63.44. Plans by OPEC+ producers to again increase output by 411,000 barrels per day (bpd) in July were weighing on the market, said Janiv Shah, vice president of oil commodity markets analysis at Rystad Energy. Yet there was some support as wildfires reduced Canada's production by some 344,000 bpd, according to Reuters calculations. Both benchmarks climbed about 2% on Tuesday to a two-week high, driven by worries about supply disruption and expectations that OPEC member Iran would reject a U.S. nuclear deal proposal key to easing sanctions on it. Iran's Supreme Leader Ayatollah Ali Khamenei said on Wednesday that abandoning uranium enrichment was '100%' against the country's interests, rejecting a central U.S. demand in talks to resolve a decades-long dispute over Tehran's nuclear ambitions. Oil: War, wildfires and weak demand 'Geopolitical tensions are simmering in the background, with risks to fundamentals skewed to the upside, as Russian and Iranian oil exports remain elevated,' Barclays analyst Amarpreet Singh said in a research note late on Tuesday. Russia, however, posted a 35% decline in May oil and gas revenue on Wednesday, which could make Moscow more resistant to further OPEC+ output hikes as such moves weigh on crude prices. Saudi Arabia and Russia last weekend reached a compromise on the July output increase plan as Riyadh pushed for more and Moscow argued for a pause, four OPEC+ sources with knowledge of the talks told Reuters. U.S. President Donald Trump and Chinese leader Xi Jinping are likely to speak this week, days after Trump accused China of violating a deal to roll back tariffs and trade curbs. On Tuesday, the Organisation for Economic Co-operation and Development (OECD) cut its global growth forecast as the fallout from Trump's trade war takes a bigger toll on the U.S. economy.
Business Recorder
3 days ago
- Business
- Business Recorder
Oil prices steady as expected OPEC+ output increase offsets Canada supply pressure
LONDON: Oil prices held steady on Wednesday as concern around the OPEC+ groups next output increase were offset by Canadian supply pressures due to wildfires there, while global trade tensions continue to linger. Brent crude futures inched 18 cents lower, or down around 0.3%, at $65.45 a barrel by 0905 GMT, while US West Texas Intermediate crude was 19 cents lower, also down 0.3%, at $63.22 a barrel. The unwinding of 411,000 barrels per day (bpd) in July by OPEC+ states was weighing on the market, Janiv Shah, vice president of oil commodity markets analysis at Rystad Energy said, but there was some support from the removal of Canada's 344,000 bpd production due to the wildfires. Both benchmarks climbed about 2% on Tuesday to a two-week high, driven by worries over supply disruption and expectations that Iran would reject a US nuclear deal proposal key to easing sanctions on the major oil producer. Oil: War, wildfires and weak demand 'Geopolitical tensions are simmering in the background, with risks to fundamentals skewed to the upside, as Russian and Iranian oil exports remain elevated,' Barclays analyst Amarpreet Singh said in a research note late on Tuesday. US President Donald Trump and Chinese leader Xi Jinping are likely to speak this week, days after Trump accused China of violating a deal to roll back tariffs and trade curbs. On Tuesday, the Organisation for Economic Co-operation and Development (OECD) cut its global growth forecast as the fallout from Trump's trade war takes a bigger toll on the US economy.
Business Times
28-05-2025
- Business
- Business Times
Oil gains on supply concerns, investors await July Opec+ output decision
[NEW YORK] Oil prices gained more than 1 per cent on Wednesday on supply concerns as Opec+ agreed to leave their output policy unchanged and as the US barred Chevron from exporting Venezuelan crude. Investors previously anticipated members of Opec+ would agree to a production increase later this week. Brent crude futures settled up 81 cents, or 1.26 per cent, to US$64.90 a barrel. US West Texas Intermediate crude gained 95 cents, or 1.56 per cent, to stand at US$61.84 a barrel. Opec+, the Organization of the Petroleum Exporting Countries and allies, did not change output policy. It agreed to establish a mechanism for setting baselines for its 2027 oil production. Most oil-producing countries at the meeting do not have flexibility to adjust their output, said Bob Yawger, director of energy futures at Mizuho. 'They were hoping to slow the pace of production increases and stop the slide in price. But that's not the way it panned out,' he added. A separate meeting on Saturday of eight Opec+ countries is expected to decide on an increase in oil output for July. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Goldman Sachs analysts saw the group of eight keeping production steady after the July hike. 'However, we see the risks to our Opec8+ supply path as skewed to the upside, especially if compliance doesn't improve or if hard demand data surprise further to the upside,' they added. Coming demand for the summer driving season is significant, and with non-Opec+ crude output flat in the first half of the year, coupled with risks of Canadian wildfires hurting supply, the call on crude is stronger from Opec+, said Janiv Shah, vice-president of oil commodity markets analysis at Rystad Energy. On Wednesday, Chevron terminated the oil production, service and procurement contracts it had to operate in Venezuela, but it plans to retain its direct staff in the country, sources said. Both benchmarks ticked up in the previous session on concerns of tighter supply after the US barred Chevron from exporting crude from Venezuela under a new authorisation on its assets there. Analysts also said prices could respond positively if there was progress on global trade talks or resolving US-Iranian friction. Iran's nuclear chief Mohammad Eslami said on Wednesday it might allow the UN nuclear watchdog to send US inspectors to visit nuclear sites if Tehran's talks with Washington succeed. US crude stocks fell by 4.24 million barrels last week, market sources said, citing American Petroleum Institute figures on Wednesday. Market participants now await government data on crude inventories due on Thursday. REUTERS
