(16 May 2025, 13:26)

Market Speak: Crude prices fall $10 as OPEC+ output jumps, trade tensions ease- IEA

Global oil stocks rose by 25.1 million barrels in March, led by a 57.8 million barrel increase in crude, according to the IEA monthly report. Despite the rise, total inventories stood at 7,671 million barrels, still 221 million below the five-year average. OECD stocks were up by 3.1 million barrels, non-OECD by 21.3 million, and oil on water rose slightly by 0.7 million. Preliminary data suggests inventories continued to build in April. Meanwhile, benchmark crude prices fell by around $10 per barrel through April and early May, weighed down by higher OPEC+ supply and escalating US tariffs. Sentiment improved slightly after the US reached trade agreements with the UK on 8 May and China on 12 May.

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Market Speak: Crude prices fall $10 as OPEC+ output jumps, trade tensions ease- IEA