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Crude oil futures end week lower as market eyes potential for increased supply amid OPEC+ tiff (www.spglobal.com)

submitted 20 hours ago by [email protected] to c/[email protected]

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"Crude oil futures settled lower on the week as the market eyed a potential for rising global supply amid signs of internal OPEC+ tensions.

Prompt-dated June WTI settled at $63.02/b April 25, a gain of 23 cents on the day but down $1.66/b from the April 17 close. Front-month ICE Brent ended the April 25 session up 32 cents at $66.87/b but still down $1.09/b from its week-ago level.

Selling pressure emerged midweek after Kazakh Energy Minister Erlan Akkenzhenov on April 23 roiled crude markets when he said Kazakhstan would pursue its own "national interests" when determining production levels, raising doubts about the country's commitment to fulfilling output cuts as part of the OPEC+ producer group"

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[–] [email protected] 6 points 20 hours ago (1 children)

Oil is interesting at the moment. Russia has been getting cutoff for a few years from global markets and oil didn't really rise. Maybe I missed other reasons but it seems like demand didn't increase enough for it to matter like it would have in years gone by. China is rapidly reducing their oil demand, Europe and America are following. Renewables seem set up surge around the rest of the world.

OPEC+ is having issues with countries not sticking to quotas.

Trumps then got a lit a petrol can on fire and thrown it onto the pile and everyone else and himself which has caused economist to predict a recession which is causing oil prices to drop.

There seems like a lot of reasons for oil to drop in price and if OPEC+ sees the writing on the wall for the end of times maybe oil will drop in price further. Which ironically is worse for the things that are causing the price drop in the first place.

Personally short term I hope it just fucks over Russia.

[–] [email protected] 1 points 7 hours ago (1 children)

China's oil consumption was unfortunatly still going up last year. Before Trump's tariffs most analyst predicted a stagnation of oil consumption in China.

Trump also is burning down enviromental protection in the US, which means drill baby drill.

EV sales are growing in developing countries. Brazil for example crossed the 5% mark this year. India saw a 20% growth in EV sales so far as well.

[–] [email protected] 2 points 7 hours ago

Yes but the trend has changed. Oil demand was growing largely due to China. That has stagnated massively. The change is trend of demand links with a change in the supply from Russia. I'm not on expert on these matters and I don't want to come across like that.

But it seems if China didn't stop increasing we would have had price issues.

With dropping oil prices American firms won't want to drill. Also imports of materials has gone up and China has stopped buying American LNG.