Petroleum prices were pressed yesterday, with the ICE Brent closing more than 2.2% downwards, taking it below below $ 70/BBL. This morning, prices have recovered part of this fall after President Trump said he plans to make an “important” statement about Russia on Monday. This could leave the nervous market for the possibility of more sanctions to Russia, the FX analysts of UOB Group, to be Leang and Peter Chia point out.
Non OPEC supply growth can play a minor role in the future
“Yesterday’s mass sale occurred despite the reports that suggest that the OPEC+ is close to the end of its supply increases. Potentially, there could be a more increase for September before the group takes a break. This does not change our perspective for the market, since we had assumed that OPEP+ would increase the offer until the end of September. These increases should take a large surplus to the global market quarter, intensifying the downward pressure on prices.
“Meanwhile, the International Energy Agency (AIE) is scheduled 1.1MB/D In 2026. The IEA believed that these increases would be largely driven by the NO OPEC+offer.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
