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Oil prices fell on Monday, 31 March, despite US President Donald Trump’s warning of possible tariffs on Russian oil of 25%-50%. The US leader said he would take such a step if he felt that Moscow was blocking his efforts to end the war in Ukraine, Reuters reports.
Oil quotes:
- Brent futures (June) – -0.4% ($72.46 per barrel)
- WTI – -0.5% ($69.03 per barrel)
- The nearest monthly Brent contracts – -0.4% ($73.36)
Trump has also threatened Iran with bombing and new tariffs if no agreement is reached on Tehran’s nuclear programme.
OPEC+ increases production, Saudi Arabia cuts prices
The OPEC+ group has been gradually increasing oil production since April. According to Nomura Securities, this could keep WTI within $65-$75 as the market assesses the impact of Trump’s tariffs and the dynamics of production in the US and OPEC+.
Saudi Arabia may reduce May oil prices for Asia to a three-month low, and Iran has already cut its light crude prices to $3.95 per barrel above the average Oman/Dubai price.
Negotiations on the export of Kurdish oil through the Iraq-Turkey pipeline have been blocked due to financial disagreements between the parties, Reuters sources say.
