“Traders expect that OPEC+ will not revise oil production quotas.”, — write: www.unian.ua
Traders expect that OPEC+ will not revise oil production quotas.
Oil prices are also affected by events in the Middle East / illustration by REUTERSGlobal oil prices fell on the evening of the first day of the 2026 trading session after posting their biggest annual drop since 2020 in 2025, Reuters reported.
This comes amid concerns about oversupply and geopolitical risks due to the Russian-Ukrainian war and events in Venezuela.
According to the Investing portal, as of 17:49 Kyiv time, the price of Brent oil fell by 57 cents to $60.28 per barrel. American WTI crude fell 51 cents to $56.91 per barrel.
The publication notes that Russia and Ukraine exchanged accusations of attacks on the civilian population on New Year’s Day, “despite negotiations with the participation of US President Donald Trump to end the war.”
Journalists state that in recent months, Ukraine has intensified its attacks on Russian energy infrastructure with the aim of blocking the Russian Federation’s sources of financing the military campaign in Ukraine. After such shocks, oil prices usually either return to growth or slow down their decline.
Meanwhile, Donald Trump’s administration continues to pressure Venezuelan President Nicolas Maduro. Journalists note that the US has imposed sanctions against four companies and their associated oil tankers, which, according to their data, work in Venezuela’s oil sector.
Oil prices are also affected by events in the Middle East.
“The crisis between OPEC producers Saudi Arabia and the United Arab Emirates regarding Yemen deepened after flights were stopped at Aden airport on Thursday. This happened before a virtual meeting of the OPEC+ group, which consists of the Organization of the Petroleum Exporting Countries and its allies, on January 4,” the journalists noted.
News like that from Venezuela or the Middle East usually slows the price down, but not this time.
Traders expect that OPEC+ will not review oil production quotas at the January 4 meeting.
Cool pique “black gold”As UNIAN reported, oil prices ended 2025 with the biggest drop since 2020. BNP Paribas analyst Jason Ying predicts that Brent will fall to $55 per barrel in the first quarter of 2026, but then recover to $60.
Oil prices are falling even though the US continues to block oil exports from one of the OPEC+ members, Venezuela. Therefore, Bloomberg revealed the devastating consequences of such a blockade.
Trump said that the regime of Venezuelan President Nicolas Maduro uses oil from “stolen” oil fields for its own profit, as well as to finance terrorism, drug trafficking, human trafficking, murders and kidnappings. Therefore, the American leader announced a complete blockade of Venezuela’s sanctioned oil tankers.
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