Russia-Ukraine ceasefire talks and fears of oversupply amid rising trade tensions. US inflation figures for February showed softer-than-expected growth.
To stabilize the region and ensure continued energy supplies, the US has initiated ceasefire talks between Russia and Ukraine. If the ceasefire is successful, more crude exports from the region could contribute to global supply.
The International Energy Agency (IEA) has forecast that global crude supply could exceed demand by 2025. In addition, from April 2025, OPEC+ members including Saudi Arabia, Russia, Iraq, Kuwait, the United Arab Emirates, Algeria, Kazakhstan and Oman plan to gradually withdraw their voluntary production cuts.
On Wednesday, OPEC+ announced that its February crude production had increased by 363,000 barrels per day to 41.01 million barrels per day.
