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The US Energy Information Administration: The surplus in the global oil market will become more serious in the next two years.
The US expects that the oil market supply surplus this year and in 2026 will be higher than previously anticipated, mainly due to the ongoing increase in US and non-OPEC production, and sanctions are expected to have little effect on Russia's output. The US Energy Information Administration (EIA) stated on Tuesday that the global oil market is expected to average a surplus of 1 million barrels per day in 2026, up from the previously estimated 0.8 million barrels per day in last month's report. The latest forecast is double the surplus the EIA projected for this year and is also an upward adjustment from earlier reports. The increase in the surplus is attributed to stronger-than-expected oil production from non-OPEC and the US.
EIA: US sanctions on Russia will not significantly affect production.
"We expect that the sanctions announced on January 10 against Russian oil and shipping will not significantly impact our crude oil production forecasts," stated the US Energy Information Administration (EIA) in its monthly Short-Term Energy Outlook report. The EIA has revised its forecast for Russia's oil production in 2025 down to 10.45 million barrels per day, compared to the estimate of 10.47 million barrels per day in January. The latest US sanctions will 'mainly lead to changes in Global oil trade flows.' Note: Last month, the US implemented its most stringent restrictions to date on the Russian oil industry, sanctioning two major crude oil producers and oil tankers.
President Trump of the USA plans to announce a 25% tariff on all Steel and Aluminum imports on Monday.
US President Donald Trump announced that on Monday he will impose a 25% tariff on all Steel and Aluminum imports. Trump stated to reporters on Air Force One on Sunday that the tariffs will apply to Steel and Aluminum imports from all countries. He did not disclose when the tariffs would take effect. Trump also mentioned that later this week he will announce reciprocal tariff measures for countries that impose tariffs on US Commodities. Trump said that these tariffs will not take effect on the day they are announced, and the announcement may come on Tuesday or Wednesday, but it will be soon after. The new Steel tariffs may affect US Energy companies, including wind power developers, oil drilling companies, and others.
Express News | Shares of Oil and Gas Companies Are Trading Higher as Investors Evaluate President Trump's Tariffs Against Mexico, Canada and China and Its Impact on Refining Costs. Also, OPEC+ Is Maintaining Its Policy of Raising Oil Output but Has Removed the U.S....
US Stocks Fluctuation | US Energy (USEG.US) rises over 27% against the market trend. The company's CEO previously increased Shareholding in the Stocks.
As of the time of writing, the stock has risen over 27%, trading at $2.86.
US WTI Crude Oil fell 0.3% on Friday, as the oil market pays attention to the impact of Trump's tariffs.
At 1 a.m. Beijing time on the 1st, Crude Oil in the USA WTI slightly declined on Friday. The White House announced that a 25% tariff will be imposed on imports from Canada and Mexico starting February 1, putting pressure on oil prices. The price of West Texas Intermediate (WTI) crude oil for March delivery on the New York Commodity Exchange fell by $0.20, a decrease of over 0.27%, closing at $72.53 per barrel, with a cumulative drop of more than 2.85% this week, and a cumulative increase of over 1.79% in January. The White House spokesman confirmed that beginning February 1, a 25% tariff will be imposed on goods imported from Canada and Mexico, adding that there is no information about certain.
