{"id":111220,"date":"2025-01-30T13:24:59","date_gmt":"2025-01-30T09:24:59","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=111220"},"modified":"2025-01-30T13:25:03","modified_gmt":"2025-01-30T09:25:03","slug":"oil-prices-steady-as-markets-brace-for-tariffs-await-opec-meeting","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/oil-prices-steady-as-markets-brace-for-tariffs-await-opec-meeting\/01\/30\/market-updates\/","title":{"rendered":"Oil Prices Steady as Markets Brace for Tariffs, Await OPEC+ Meeting"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><\/h3>\n\n\n\n<p>Oil prices remained <strong>little changed on Thursday<\/strong>, as markets assessed the impact of <strong>U.S. tariffs on Canada and Mexico<\/strong>, while awaiting the upcoming <strong>OPEC+ ministerial meeting<\/strong>.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Brent crude futures<\/strong> fell <strong>7 cents (-0.09%)<\/strong> to <strong>$76.51 per barrel<\/strong>.<\/li>\n\n\n\n<li><strong>U.S. crude futures<\/strong> inched up <strong>2 cents (+0.03%)<\/strong> to <strong>$72.64 per barrel<\/strong> by <strong>0738 GMT<\/strong>.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Key Market Factors<\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>1. U.S. Tariffs on Canada and Mexico<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>White House spokeswoman Karoline Leavitt<\/strong> confirmed that <strong>Trump intends to impose tariffs on Canada and Mexico starting Saturday<\/strong>.<\/li>\n\n\n\n<li><strong>Commerce Secretary nominee Howard Lutnick<\/strong> suggested that <strong>Canada and Mexico could avoid tariffs<\/strong> if they <strong>tighten border control on fentanyl<\/strong>.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2. U.S. Crude Stockpiles Rise, Demand Impacted by Winter Storms<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Crude inventories rose by 3.46 million barrels<\/strong>, slightly above the <strong>expected increase of 3.19 million barrels<\/strong>.<\/li>\n\n\n\n<li><strong>Winter storms affected demand<\/strong>, contributing to the <strong>rise in stockpiles<\/strong>.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>3. Russia\u2019s Crude Exports Decline Amid Sanctions<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Russia\u2019s crude exports from western ports are expected to fall by 8% in February<\/strong>, as Moscow prioritizes refining capacity.<\/li>\n\n\n\n<li>The latest <strong>U.S. sanctions have further constrained Russian crude exports<\/strong>.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>4. OPEC+ Meeting on February 3<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>OPEC+ ministers will discuss Trump\u2019s push to expand U.S. oil production<\/strong> and how the group should respond.<\/li>\n\n\n\n<li><strong>Russia and Saudi Arabia<\/strong> are expected to play key roles in shaping the <strong>organization\u2019s stance<\/strong>.<\/li>\n\n\n\n<li>While <strong>Trump has urged OPEC to lower oil prices<\/strong>, analysts believe a <strong>price war between the U.S. and OPEC+ is unlikely<\/strong>, as it could hurt <strong>both sides<\/strong>.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Market Outlook<\/strong><\/h3>\n\n\n\n<p>With <strong>U.S. tariffs, shifting crude exports, and OPEC+ decisions on the horizon<\/strong>, <strong>oil markets remain highly sensitive<\/strong>. While <strong>rising U.S. stockpiles<\/strong> and <strong>weaker demand<\/strong> exert <strong>downward pressure<\/strong>, <strong>geopolitical uncertainty<\/strong> could keep volatility elevated.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices remained little changed on Thursday, as markets assessed the impact of U.S. tariffs on Canada and Mexico, while awaiting the upcoming OPEC+ ministerial meeting. Brent crude futures fell 7 cents (-0.09%) to $76.51 per barrel. U.S. crude futures inched up 2 cents (+0.03%) to $72.64 per barrel by 0738 GMT. Key Market Factors &hellip;<\/p>\n","protected":false},"author":9,"featured_media":104249,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6936,6875,7534],"class_list":["post-111220","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-oil-prices","tag-russia","tag-sanctions"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/111220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=111220"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/111220\/revisions"}],"predecessor-version":[{"id":111222,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/111220\/revisions\/111222"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/104249"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=111220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=111220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=111220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}