LONDON: Following US Treasury Secretary Scott Bessent’s statement that secondary tariffs or penalties against Russia might increase if Friday’s summit between President Donald Trump and Russian President Vladimir Putin does not go well, oil prices reversed losses on Wednesday. By 2:43 p.m. Saudi time, Brent crude prices had increased 6 cents to $66.18 a barrel, while US West Texas Intermediate crude futures had up 2 cents to $63.19.
Prior to Bessent’s remarks, both contracts were down after the International Energy Agency on Wednesday increased its prediction for this year’s rise in oil production but decreased its prediction for demand because of the weak demand for fuel in the main economies.
In its monthly report released on Tuesday, OPEC+ pointed to a tighter market by increasing its projection for global oil demand in the next year and reducing supply growth predictions from the US and other non-member producers.
According to independent energy analyst Gaurav Sharma, “even a modest middle figure, say just north of 1 million bpd, can be easily serviced by non-OPEC supply growth alone at the moment if we were to aggregate the respective IEA and OPEC oil demand growth projections for 2025 at their respective bearish and bullish ends.
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