Given the weak growth outlook amid a global trade war, the bank expects that oil demand will rise by only 300,000 bpd between the end of last year and the end of 2025

New U.S. tariffs and an unexpected production increase from OPEC+ could trigger what the Bank of America called a “negative commodity demand shock”

Russia has ordered the Black Sea terminal handling Kazakhstan’s oil exports pumped by U.S. majors Chevron and Exxon Mobil to close two of its three moorings amid a standoff between Kazakhstan and OPEC+ over excess production

by 135,000 barrels per day in May.

That would be the second monthly increase under a plan to unwind some of the millions of barrels per day of cuts the group has had in place since 2022

The plan will represent monthly cuts of between 189,000 barrels per day and 435,000 bpd, according to a table on OPEC’s web site. The scheduled cuts last until June 2026

The International Energy Agency (IEA) has revised its 2024 oil consumption figures and demand expectations for 2025 due to uncertainty caused by U.S. tariff announcements

The Organization of the Petroleum Exporting Countries (OPEC) reported on Wednesday that Kazakhstan led a significant increase in production in February by OPEC+, highlighting the challenge the group faces in meeting agreed production targets

U.S. President Donald Trump reiterated his call for OPEC to cut oil prices to hurt oil-rich Russia’s finances and help bring an end to the war in Ukraine

The Executive Director of the International Energy Agency (IEA), Fatih Birol, highlighted that the energy transition is necessary not only to mitigate the effects of climate change but also to provide immediate economic benefits and contribute to future energy security

The International Energy Agency (IEA) has revised upward its forecast for global oil demand in the last quarter of 2024, primarily due to colder winter conditions in many regions of the Northern Hemisphere, but it does not foresee supply shortages