International news about oil

OPEC+ Maintains April Oil Supply Increase Plans

OPEC+ producers are not considering delaying the planned monthly oil supply increases set to begin in April, according to Russian Deputy Prime Minister Alexander Novak. Despite reports suggesting a postponement in response to U.S. President Donald Trump's calls to lower oil prices, three OPEC+ delegates confirmed there had been no such discussions. The organization had previously agreed to an extension of production cuts of 5.85 million barrels per day through Q1 2025, with plans to begin raising output in April. The increase involves unwinding 2.2 million bpd of cuts and includes monthly hikes until September 2026. The final decision on the hike is anticipated by early March. 

Oil Prices Rise Amid Supply Disruptions and Geopolitical Developments

Oil prices have experienced an uptick due to recent supply disruptions and geopolitical events. A drone strike on a Caspian pump station has raised concerns about supply stability. Additionally, ongoing peace talks between Russia and Ukraine are contributing to market uncertainty, potentially affecting future oil supply dynamics. 

U.S. Crude Oil Stockpiles Increase for Third Consecutive Week

U.S. crude oil inventories have risen for the third consecutive week, while gasoline stocks have declined. This trend indicates a tightening of gasoline supplies, which could influence fuel prices and market dynamics. 

Black Sea Oil Spill Cleanup Efforts Underway

A significant oil spill occurred in the Black Sea following the sinking of two Russian oil tankers. The spill has affected approximately 35 miles of coastline, leading to environmental concerns and the declaration of a state of emergency in the affected regions. Cleanup operations are ongoing, with authorities coordinating efforts to mitigate the ecological impact.