{"id":13995,"date":"2025-04-24T12:55:14","date_gmt":"2025-04-24T12:55:14","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=13995"},"modified":"2025-04-24T12:55:14","modified_gmt":"2025-04-24T12:55:14","slug":"brent-crude-oil-price-rose-to-66-79","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/13995\/","title":{"rendered":"Brent crude oil price rose to $66.79"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Oil prices recovered some losses on Thursday as investors weighed a potential OPEC+ output increase against conflicting tariff signals from the White House and U.S.-Iran nuclear talks.<\/p>\n

Brent crude futures were up 67 cents, or 1.01%, at $66.79 a barrel by 1220 GMT while U.S. West Texas Intermediate crude gained 75 cents, or 1.2%, to $63.02.<\/p>\n

At those levels, prices have recouped about half of their losses from Wednesday, when prices slid almost 2% after Reuters reported that several OPEC+ members had suggested the group accelerate oil output increases for a second month in June.
\nKazakhstan, which produces about 2% of global oil output and has repeatedly exceeded its quota over the past year, said it would prioritise national interests over OPEC+ in deciding production levels.
\n“Such defiance envisages looser oil balance but, more importantly, it implies that Kazakhstan de facto ceases to exist as a member of OPEC+, although it remains in the alliance for now,” said PVM analyst Tamas Varga.<\/p>\n

There have previously been disputes among OPEC+ members over compliance with production quotas, one of which resulted in Angola leaving the group in 2023.<\/p>\n

“Further disagreement between OPEC+ members is a clear downside risk, as it could lead to a price war,” ING analysts said.<\/p>\n

Signs that the U.S. and China could be moving closer to trade talks supported prices.<\/p>\n

China called for U.S. tariffs to be cancelled on Thursday, a day after the Wall Street Journal reported that the White House would be willing to lower its tariffs on China to as low as 50% to open up negotiations.<\/p>\n

Rystad Energy analysts say that a prolonged U.S.-China trade war could cut China’s oil demand growth in half this year to 90,000 barrels per day (bpd) from 180,000 bpd.<\/p>\n

Meanwhile, the U.S. and Iran will hold a third round of talks this weekend on a possible deal to reimpose restraints on Tehran’s uranium enrichment programme. The market is watching for any sign that a U.S.-Iran rapprochement could lead to an easing of sanctions on Iranian oil, which could bring supply back to the market.<\/p>\n

However, the U.S. placed fresh sanctions on Iran’s energy sector on Tuesday, which Iran’s foreign ministry said showed a “lack of goodwill and seriousness” over dialogue with Tehran.<\/p>\n

Updated on