LONDON: Oil prices fell on Wednesday, following a rise in US crude stockpiles and easing worries over Libyan supply, while focus turned to potential US tariffs on Canadian and Mexican imports.
Brent crude futures were down 59 cents, or 0.76 percent, to $77.90 a barrel as of 0916 GMT, while US crude futures had lost 55 cents, or 0.75 percent, at $73.22.
The White House said on Tuesday that US President Donald Trump still plans to issue 25 percent tariffs on Canada and Mexico on Saturday.
“Crude prices keep dancing to the rhythm of Trump’s tariff orchestra, with Canada tariffs going into effect on Saturday potentially lifting US prices then,” said Ole Hansen, head of commodity strategy at Saxo Bank.
Canada supplied 3.9 million barrels per day of oil to the US in 2023, roughly half of overall imports for the year, while Mexico supplied 733,000 bpd, according to data from the Energy Information Administration.
“Overall, trade prices are a tad softer after Libya said exports have resumed, and API reported a weekly increase in US stockpiles. In addition, OPEC+ is expected to stick to their already announced production increase from April,” said Hansen.
US crude oil and gasoline stocks rose last week, while distillate inventories fell, market sources said on Tuesday, citing American Petroleum Institute figures.
The EIA, the statistical arm of the US Department of Energy, is due to release its weekly data at 1530 GMT on Wednesday.
Supply concerns eased after Libya’s National Oil Corp. said on Tuesday that export activity was running normally after it held talks with protesters demanding a halt of loadings at one of its main oil ports.
The OPEC+ Joint Ministerial Monitoring Committee meeting next Monday, will be another source of ambiguity in the current worryingly unpredictable political and economic environment, said Tamas Varga, analyst with oil broker PVM.
Saudi Arabia’s energy minister and several of his OPEC+ counterparts have held talks following Trump’s call for lower oil prices and ahead of a meeting next week of OPEC+ oil-producing countries, according to official statements and sources.
Oil Updates — prices dip as US crude inventories surge, tariff concerns loom
https://arab.news/gzzeu
Oil Updates — prices dip as US crude inventories surge, tariff concerns loom
- US President Donald Trump still plans to issue 25% tariffs on Canada and Mexico on Saturday
- Saudi energy minister and several of his OPEC+ counterparts have held talks following Trump’s call for lower oil prices
Saudi Arabia, Japan trade rises 38% between 2016 and 2024, minister says
RIYADH: Trade between Saudi Arabia and Japan has increased by 38 percent between 2016 and 2024 to reach SR138 billion ($36 billion), the Kingdom’s investment minister revealed.
Speaking at the Saudi-Japanese Ministerial Investment Forum 2026, Khalid Al-Falih explained that this makes the Asian country the Kingdom’s third-largest trading partner, according to Asharq Bloomberg.
This falls in line with the fact that Saudi Arabia has been a very important country for Japan from the viewpoint of its energy security, having been a stable supplier of crude oil for many years.
It also aligns well with how Japan is fully committed to supporting Vision 2030 by sharing its knowledge and advanced technologies.
“This trade is dominated by the Kingdom's exports of energy products, specifically oil, gas, and their derivatives. We certainly look forward to the Saudi private sector increasing trade with Japan, particularly in high-tech Japanese products,” Al-Falih said.
He added: “As for investment, Japanese investment in the Kingdom is good and strong, but we look forward to raising the level of Japanese investments in the Kingdom. Today, the Kingdom offers promising opportunities for Japanese companies in several fields, including the traditional sector that links the two economies: energy.”
The minister went on to note that additional sectors that both countries can also collaborate in include green and blue hydrogen, investments in advanced industries, health, food security, innovation, entrepreneurship, among others.
During his speech, Al-Falih shed light on how the Kingdom’s pavilion at Expo 2025 in Osaka achieved remarkable success, with the exhibition receiving more than 3 million visitors, reflecting the Japanese public’s interest in Saudi Arabia.
“The pavilion also organized approximately 700 new business events, several each day, including 88 major investment events led by the Ministry of Investment. Today, as we prepare for the upcoming Expo 2030, we look forward to building upon Japan’s achievements,” he said.
The minister added: “During our visit to Japan, we agreed to establish a partnership to transfer the remarkable Japanese experience from Expo Osaka 2025 to Expo Riyadh 2030. I am certain that the Japanese pavilion at Expo Riyadh will rival the Saudi pavilion at Expo Osaka in terms of organization, innovation, and visitor turnout.”
Al-Falih also shed light on how Saudi-Japanese relations celebrated their 70th anniversary last year, and today marks the 71st year of these relations as well as how they have flourished over the decades, moving from one strategic level to an even higher one.
