The price of Brent crude oil in global markets has significantly decreased for the first time since 2021. Among the main reasons are the trade tensions between the US and China, as well as OPEC+'s new production plans.
Cheaper than $64: Historic low price
On April 4, Friday, the futures price for Brent crude oil for June delivery fell by 8.02% on London's ICE Futures exchange, settling at $64.35 per barrel. This is even lower than the price observed on August 23, 2021, marking the first time in 3.5 years that such a low price has been recorded.
In the last two trading sessions, the price of oil has decreased by a total of 13.59%. This has caused serious disturbances in the market.
Impact of the trade war between the US and China
The main factor contributing to this level of price decline is the new import tariffs announced by US President Donald Trump. On April 2, Trump announced that tariffs ranging from 10% to 50% would be imposed on goods from 183 countries. He stated that these measures are aimed at protecting the US economy.
In response, China announced that it would impose a 34% retaliatory tariff on all products imported from the United States. These tariffs will come into effect on April 10 and are expected to have a serious impact not only on economic relations but also on the energy market.
OPEC+'s plans are also putting pressure on prices
Another factor contributing to the decline in the markets is the revision of oil production plans by OPEC+. The organization initially planned to produce up to 135,000 barrels, but under the new plan, production is expected to reach 411,000 barrels per day. The increase in supply volume has further intensified pressure on prices.
The sharp decline in Brent oil prices is linked to global economic processes, geopolitical relations, and the balance of supply and demand in the market. The transition of the trade war between the US and China to a new phase, along with OPEC+'s efforts to increase production, could further exacerbate instability in the oil market. There is a high probability that prices will change again in the coming days, as political and economic factors play a decisive role.
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