Crude Oil Production News

OPEC said in its monthly report that the world oil demand will rise by 1.30 million bpd in 2025, down 150,000 bpd from last month’s forecast.

Crude oil outlook: Brent crude futures settled at $64.76 a barrel, up $1.43, or 2.26 per cent. US West Texas Intermediate crude finished at $61.50 a barrel, up $1.43 or 2.38 per cent.

Crude oil prices plunged seven per cent on Wednesday to hit a fresh four-year low, with Brent futures down $2.47, or 3.9 per cent, to $60.35 a barrel amid the ongoing US-China tariff war.

Goldman Sachs cut its 2026 average price forecast for Brent by nine per cent to $62 and WTI by 6.3 per cent to $59. It warned that the new estimates could be lowered further.

Oil Prices Today: Crude oil logged a third straight weekly gain. US President Donald Trump will announce reciprocal tariffs on a wide range of imports, effective April 2. The trade war has investors worried about a potential recession.

Crude oil prices: Oil was supported by the new OPEC plan for seven members to cut output to compensate for producing more than agreed levels. The plan would represent monthly cuts of 189,000 bpd and 435,000 bpd until June 2026.

Crude oil outlook: Goldman Sachs expects crude oil demand growth of 0.9 million barrels per day in 2025, down from 1.1 mb/d previously, incorporating slower US GDP growth on higher tariffs

India’s crude oil imports: India became the biggest buyer of Russian seaborne oil sold at a discount after Western nations imposed sanctions on Moscow for its 2022 invasion of Ukraine in 2022.

Brent was down 3.8 per cent, its biggest weekly decline since the week of November 11, almost four months. US WTI finished down 3.9 per cent, its biggest weekly drop since the week of January 21.

Oil Prices Today: The Brent crude benchmark sits at a six-month low below the $70 per barrel-mark. The OPEC+ cartel will increase its production by 138,000 barrels per day from April.