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
Acwa signs key terms to develop 5GW of renewable energy capacity in Turkiye
JEDDAH: Saudi utility giant Acwa has signed key investment agreements with Turkiye’s Ministry of Energy and Natural Resources to develop up to 5 gigawatts of renewable energy capacity, starting with 2GW of solar power across two plants in Sivas and Taseli.
Under the investment agreement, Acwa will develop, finance, and construct, as well as commission and operate both facilities, according to a press release.
The program builds on the company’s first investment in Turkiye, the 927-megawatt Kirikkale Independent Power Plant, valued at $930 million, which offsets approximately 1.8 million tonnes of carbon dioxide annually, the statement added.
A separate power purchase agreement has been concluded with Elektrik Uretim Anonim Sirketi for the sale of electricity generated by each facility.
Turkiye aims to boost solar and wind capacity to 120GW by 2035, supported by around $80 billion in investment, while recent projects have already helped prevent 12.5 million tonnes of CO2 emissions and reduced reliance on imported natural gas.
Turkiye’s energy sector has undergone a rapid transformation in recent years, with renewable power emerging as a central pillar of its strategy.
Raad Al-Saady, vice chairman and managing director of ACWA, said: “The signing of the IA (implementation agreement) and PPA key terms marks a pivotal moment in Acwa’s partnership with Turkiye, reflecting the country’s strong potential as a clean energy leader and manufacturing powerhouse.”
He added: “Building on our long-standing presence, including the 927MW Kirikkale Power Plant commissioned in 2017, this step elevates our partnership to a new level,” Al-Saady said.
In its statement, Acwa said the 5GW renewable energy program will deliver electricity at fixed prices, enhancing predictability for grid planning and supporting long-term industrial investment.
By replacing imported fossil fuels with domestically generated clean energy, the initiative is expected to reduce Turkiye’s exposure to global energy market volatility, strengthening energy security and lowering long-term power costs.
The company added that the economic impact will extend beyond the anticipated investment of up to $5 billion in foreign direct investment, with thousands of jobs expected during the construction phase and hundreds of high-skilled roles created during operations.
The energy firm concluded that its existing progress in Turkiye reflects a strong appreciation for Turkish engineering, construction, and manufacturing capacity, adding that localization has been a strategic priority, and it has already achieved 100 percent local employment at its developments in the country.
