Reuters: Trump's Unpredictable Duties And Russia Ally Pulls Oil Prices Lower
1- 4.07.2025, 11:33
- 3,586
An additional factor was the increase in production by OPEC+ countries.
Oil prices continued to decline early Friday. That came after Iran reaffirmed its commitment to nuclear non-proliferation and amid expectations that OPEC+ countries will agree to increase oil production this weekend, Reuters reported.
Brent crude futures fell 35 cents to $68.45 a barrel. U.S. WTI crude fell 25 cents to $66.75.
According to U.S. media, the United States plans to meet with Iran next week to resume nuclear talks. In addition, Iranian Foreign Minister Abbas Araqchi said Tehran remains committed to the Nuclear Non-Proliferation Treaty. However, the Iranian parliament earlier passed a law that makes it difficult for IAEA inspectors to access Iran's nuclear facilities.
"The news that the US is preparing to resume nuclear talks with Iran, and Araqchi's clarification that cooperation with the UN atomic agency has not ended, significantly reduces the threat of a new outbreak of hostilities," said Vandana Hari, founder of analyst firm Vanda Insights.
An additional downward factor was the expected new increase in oil production by OPEC+ countries. The corresponding decision may be announced at the cartel meeting this weekend.
The uncertainty about the increased duty rates for the US trading partners also contributes to the oil price decrease. As is known, the 90-day customs pause announced by Donald Trump is about to end. It is planned that on Friday Washington will start sending letters to partners with whom no trade agreements have been concluded regarding new duties on exports of their goods to the United States.
President Donald Trump told reporters that the letters will be sent simultaneously to 10 countries. They will include customs rates ranging from 20% to 30%.
The publication recalls that several major trading partners have yet to agree on new agreements with the US. Among them, in particular, the EU and Japan.
At the same time, Barclays analysts raised their forecast for Brent oil prices to $72 per barrel for 2025 and $70 per barrel for 2026 amid an improved forecast of demand for "black gold".
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