SINGAPORE / SYDNEY: Oil prices slipped on Tuesday, extending losses of more than 3 percent during the previous session, after US President Donald Trump called on OPEC to ease its efforts to boost the market.
International Brent futures were at $64.66 a barrel at 0346 GMT, down 10 cents, or 0.2 percent, from their last close. Brent, which plunged 3.5 percent on Monday, fell to as low as $64.32 a barrel on Tuesday, the lowest since Feb. 14.
US West Texas Intermediate (WTI) crude futures were at $55.19 per barrel, down 29 cents, or 0.5 percent. WTI futures dropped 3.1 percent on Monday.
Analysts said the United States, the world’s biggest oil consumer, was keen to counter a recent rally in prices driven by major exporters trimming production. From Feb. 8 to Feb. 22, Brent prices gained 8.1 percent.
Trump on Monday expressed concern about oil prices and repeated his previous calls on the Organization of the Petroleum Exporting Countries (OPEC) to keep prices steady.
“The warning carries more weight this time around, with US legislators resurrecting a bill that would make the organization subject to antitrust laws in the US,” ANZ Bank said in a research note.
OPEC and some non-affiliated producers such as Russia agreed late last year to cut output by 1.2 million barrels per day (bpd) to prevent a large supply overhang from growing.
Saudi Arabia, the world’s largest oil exporter, recently estimated its production will fall in March by more than anticipated under the supply-reduction agreement, to 9.8 million bpd.
Analysts also noted that while Trump is attempting to ease prices lower, sanctions by the United States against oil exporters Iran and Venezuela have contributed to the recent gains and are providing a floor for prices.
“The US is well aware that their sanctions on Iran and Venezuela are also helping oil prices remain bid and they are not in a position to abandon those stances,” said Edward Moya, a senior market analyst at brokerage OANDA.
“The timing of the President’s tweet could be extremely ideal as he may have helped nudge many oil traders in closing out bullish positions.”
Oil dips after Trump calls on OPEC to ease high prices
Oil dips after Trump calls on OPEC to ease high prices
- Donald Trump on Monday expressed concern about oil prices and repeated his previous calls on the OPEC to keep prices steady
- ‘The US is well aware that their sanctions on Iran and Venezuela are also helping oil prices remain bid and they are not in a position to abandon those stances’
Saudi Arabia opens 3rd round of Exploration Empowerment Program
RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources, in collaboration with the Ministry of Investment, has opened applications for the third round of the Exploration Empowerment Program, part of ongoing efforts to accelerate mineral exploration in the Kingdom, reduce early-stage investment risks, and attract high-quality investment from local and international mining companies.
The third round of the Exploration Empowerment Program offers a comprehensive support package targeting exploration companies and mineral prospecting license holders.
The initiative aims to lower investment risks for projects and support a faster transition from prospecting to development.
"The program provides coverage of up to 70 percent of the total salaries of Saudi technical staff, such as geologists, during the first two years, increasing to 100 percent thereafter, in line with program requirements.
This support aims to develop talent, build national capabilities in mineral exploration, promote job localization, and facilitate the transfer of geological knowledge.
The application for the third round opened on Jan. 14, allowing participants to benefit from the Kingdom’s attractive investment environment, its stable legal framework, and streamlined regulatory structures, as well as integrated infrastructure that supports the transition from mineral resources to operational mines.
The ministry has set the timeline for the third round, with the application period running from Jan. 14 to March 31.
This will be followed by the evaluation, approval, and signing of agreements from April 1 to May 31, with the eligible projects set to be announced between June 1 and July 31 of the same year.
The program stages include submitting exploration data during the reimbursement and payment phase from Sept. 1 to Nov. 30, followed by technical and financial verification of work programs and approval of the disbursement of support funds in January 2027.
The exploration data will then be published on the National Geological Database in April 2027.
The ministry emphasized that the EEP focuses on supporting the exploration of strategically important minerals with national priority. It also contributes to enhancing geological knowledge by providing up-to-date data that meets international standards, helping investors make informed decisions and supporting the growth of national companies and local supply chains.
The ministry urged companies to apply early to benefit from the program’s third round, which coincided with the fifth edition of the International Mining Conference, which was held from Jan. 13 to 15.
