Global oil prices show their first weekly decline in 2026. This was reported by Bloomberg, according to UNN.
Details
It is noted that this trend is associated with traders' attempts to avoid risks in global markets, fears of crude oil oversupply, and the prospect of protracted negotiations between the US and Iran on a nuclear deal.
US President Donald Trump said he could drag out negotiations for a full month, reducing the likelihood of military action in the near term that could disrupt supplies. The US leader is currently seeking a diplomatic agreement to curb the nuclear ambitions of the OPEC member.
The authors indicate that the International Energy Agency stated that in 2026, the global oil surplus will amount to more than 3.7 million barrels per day, which will be a record high in annual terms. At the same time, global inventories grew at the fastest pace last year since the 2020 pandemic.
Recall
Russia's state revenues from oil and gas in January halved, reaching their lowest level since July 2020. This decline is due to falling oil prices and a strengthening ruble.
Oil prices fall as Middle East tensions ease between the US and Iran09.02.26, 06:11 • [views_5341]