No Data Yet
A massive oil surplus, primarily of sanctioned Russian and Iranian origin, is accumulating in floating storage at sea. This glut is capping Brent crude prices around $62 per barrel, as the market weighs the oversupply against escalating geopolitical risks, including Ukrainian attacks on Russia's "shadow fleet."
Oil prices are declining due to a combination of geopolitical developments, specifically Russia-Ukraine peace talks, and fundamental market factors, including increased Iraqi production and forecasts of a supply surplus. Market sentiment remains cautious as traders weigh potential supply shifts against macroeconomic signals.
Shipping firm A.P. Moller-Maersk reports a significant increase in demand from India, coinciding with growing optimism for a U.S.-India trade agreement that could see a reduction in tariffs as India shifts its energy import strategy.
Saudi Arabia has cut its flagship crude oil price for Asian customers to a five-year low, responding to signs of a global supply surplus and weakening demand. The move aims to maintain market share in a key region as global economic indicators point toward lower consumption growth.